Costs are Up, Costs are Down, and COPE Data is Key, Managing Property Valuation and
Data Issues in Today’s Economy
Nigel P Wilson, ASA, CEng, MIMMM, Director, Insurance Services
Craig Derrick, Director, Insurance Services
November 9th, 2016
Texas PRIMA
Outline of Contents
• Property valuation – Why? >> 3
• Initial diagnostic review of property values >> 6
• Property valuation resources >> 10
• Trending fixed asset records >> 21
• Valuation of Historic Properties >> 22
• Valuation solutions and engaging a valuation consultant >> 28
– COPE data and catastrophe risk modeling >> 31
– Desktop versus site inspection of buildings >> 35
Duff & Phelps - Insurance Valuation Services 2 November 9, 2016
Property Valuation, Why?
Questions that you need to ask yourself
• Are you confident that your statement of values
accurately reports all of your insurable property?
• Have you kept pace with the change in assets within
your facilities?
• Do you know where your properties’ reported insurable
values come from?
• How well was your statement of values received when
last marketed, did you receive push back from
underwriters?
Duff & Phelps - Insurance Valuation Services 3 November 9, 2016
Benefits of an Insurance Appraisal
• Determine the adequacy of insurance coverage
– Complete property listing
– Accuracy of values
– No surprises at the time of loss
• Improved risk management
– Consistent approach to quantification of risk
• Improved marketability to underwriters
• Optimizes CAT modeling performance
• Basis for equitable allocation of premiums
• Basis for preparation of a “proof-of-loss”
• Partnership – Insured/Insurer
Duff & Phelps - Insurance Valuation Services 4 November 9, 2016
Typical missing buildings
• New buildings
• Significant additions / renovations
• Park buildings
• Waste water lift stations (new developments)
• Buildings acquired by foreclosure
• Portable classrooms
• It is not atypical to add 15 - 20% to the total building count of a municipal
risk pool
Duff & Phelps - Insurance Valuation Services 5 November 9, 2016
Initial Diagnostic Review of Property Values
What’s the source of your current property listing and values?
• Appraisal
• Trended historical costs
• Standardized property values worksheets
• New construction costs
• Staff estimates
• Assistance from your Broker / Underwriter (Marshall & Swift “brown book”)
• Don’t know!
Duff & Phelps - Insurance Valuation Services 6 November 9, 2016
Initial Diagnostic Review of Property Values
Analyze property values by:
• Occupancy:
– Municipal Office Building, Town Hall, Fire Station, Water Treatment, Wastewater Treatment, High School, Community College, Library, Senior Housing, etc.
• Use gross area (square foot) as a basis of comparison:
– Exterior wall to exterior wall; include basements, parking, common areas, etc.
– Develop $/Sq. Ft for buildings and contents
• Use process capacity as a basis of comparison where
appropriate:
– $/Units/day; $/MW; GPD; etc.
Duff & Phelps - Insurance Valuation Services 7 November 9, 2016
Cost/SqFt Comparison
Replacement costs should be similar, if not, why not?
• Buildings
– Historic vs Modern construction
– Architecturally significant vs plain-Jane
– High quality materials vs low cost/quality
– Large vs Small building
– Replacement vs Reconstruction cost basis
• Contents
– Mixed occupancy
– Occupancy density
– Change in occupancy
– Manufacturing / Warehouse / Office ratios
– Incorrectly classified
Duff & Phelps - Insurance Valuation Services 8 November 9, 2016
Case Study – SoV Analysis Defense contractor, 150+ US locations, $2.0 billion TIV (property only), 6,000,000 SqFt
Request to review SoV and prioritize top 10 locations for appraisal
One of top 10:
• Mid Western city
• 610,000 SqFt
• Built 1950s
• Office/Manufacturing/Warehouse occupancy
• Buildings - $21,000,000
• Personal Property – $22,200,000
Why was this selected for top 10?
• One of the largest locations, area 10% of total
• Only 2% of TIV
• Buildings - $21,000,000 ($34.43/SqFt)
• Personal Property – $22,200,000 ($36.07/SqFt)
Appraisal results
• Area – 636,822 SqFt
• Buildings - $81,000,000 ($127/SqFt)
• Personal Property – $48,000,000 ($75/SqFt)
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Construction Costs - Benchmarking Resources
• Construction Cost Information (US)
– Marshall & Swift
• http://www.marshallswift.com/
– R.S. Means
• http://www.rsmeans.com/
– Design Cost Data
• http://www.dcd.com/
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Current Cost Trends - Construction
• 1986-2003 (1% to 3% per year)
• Significant construction inflation in 2004 (10.5%)
• Slowing but not back to normal in 2005 and 2006 (5.5% to 8.0%)
• A definite slowing in 2007 (2.8% to 4.7%)
• Commodities cause increases in 2008 (6.7 to 7.2%)
• Prices fall back with economy in 2009 (-7.0 to -0.3%)
• Inflation stabilizes in 2010 (-1.4% to +4.9%)
• Continued stabilization in 2011 (2.5% to 4.5%) & 2012 (1.5% to 2.8%)
• Slight upturn in 2013 (2.2% to 3.7%)
• Steady in 2014 (0.5% to 2.9%)
• Most recent 12 months sees a decline in the rate of inflation
» FM Global +1.3% (July 2015 - July 2016)
» RS Means +0.5% (July 2015 – July 2016)
» Marshall & Swift +0.0% average, range -0.3 to +0.5% (July 2015 - July 2016)
• 25% - 30% inflation in seven years
Duff & Phelps - Insurance Valuation Services 11 November 9, 2016
Sources cited: FM Global, Industrial Cost Trends, United States Industrial Building Average RS Means, 30 City Average Construction Cost Index Marshall & Swift, Quarterly Cost Index
US Construction Cost Trends
Duff & Phelps - Insurance Valuation Services 12 November 9, 2016
Sources cited: RS Means, Quarterly Construction Cost Trends, 30-City Average Marshall & Swift, Marshall Valuation Service, US Average FM Global, Industrial Cost Trends, United States Industrial Building Average
100.0
110.0
120.0
130.0
140.0
150.0
160.0
170.0
180.0
US Average Construction Cost Indices, January 2000 to July 2016
RS Means, 30-City Average
FM Global, US Average
Marshall & Swift, US Average
Construction Cost Indices – Houston
Duff & Phelps - Insurance Valuation Services 13 November 9, 2016
Sources cited: RS Means, Quarterly Construction Cost Trends, Houston Marshall & Swift, Marshall Valuation Service, Houston FM Global, Industrial Cost Trends, Industrial Building, South West
100.0
110.0
120.0
130.0
140.0
150.0
160.0
170.0
180.0
Houston Area Construction Cost Indices, 2000 - July 2016
RS Means, Houston
FM Global, South West
Marshall & Swift, Houston
New Construction Outpacing Reconstruction, School
Construction Costs
Duff & Phelps - Insurance Valuation Services 14 November 9, 2016
$100.00
$120.00
$140.00
$160.00
$180.00
$200.00
$220.00
$240.00
$260.00
$280.00
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
School Construction, Median Cost per Square Foot
Elementary
Middle
High
229%
185%
218%
Source cited: School Planning & Management, Annual Construction Cost Reports, 2000-2016, costs are for the entire project, including fees, furnishings and construction
Current Cost Trends - Construction
What’s driving the increase in construction costs • Elaborate design
• Green building features
– Increased initial construction costs to save operational costs
• 21st century learning environments
– Technology
• Security requirements
• Environmental issues
• Local zoning requirements
Cost mitigation measures • Architectural prototypes
• Long term contracts with contractors and architects
Duff & Phelps - Insurance Valuation Services 15 November 9, 2016
Cost Trend Resources, Construction
• United States Construction:
– Marshall & Swift
• http://www.marshallswift.com/
– R.S. Means
• http://www.rsmeans.com/
– FM Global
• http://www.fmglobal.com/fmglobalregistration/
– Engineering News Record
• http://enr.construction.com/Default.asp
Duff & Phelps - Insurance Valuation Services 16 November 9, 2016
Equipment Cost Trends
Machinery and Equipment Inflationary Increases, 2013 - 2016
Currency fluctuations are creating new replacement cost realities for imported machinery and equipment.
Duff & Phelps - Insurance Valuation Services 17 November 9, 2016
Sources cited: Marshall Valuation Service, Marshall & Swift Quarterly Cost Index, Industrial Equipment Average of All FM Global, Industrial Cost Trends, Industrial Equipment Composite US Department of Labor, Bureau of Labor Statistics, Producer Price Index, Capital Equipment, Table WPUSOP3200
2013 2014 2015 Most Recent 12 Months
Marshall & Swift, Industrial Average 0.9% 2.0% -1.0% -0.8% (July 2016)
FM Global, Industrial Equipment Composite
1.7% 1.6% 0.8% 0.4% (July 2016)
BLS, PPI Capital Equipment 1.2% 1.2% 0.8% 0.2% (July 2016)
Equipment Cost Trends
Duff & Phelps - Insurance Valuation Services 18 November 9, 2016
Sources cited: M&S: Marshall Valuation Service, Marshall & Swift Quarterly Cost Index, Industrial Equipment Average of All FM: FM Global, Industrial Cost Trends, Industrial Equipment Composite PPI: US Department of Labor, Bureau of Labor Statistics, Producer Price Index, Finished Goods Seasonally Adjusted, Table WPSSOP3200
100.0
110.0
120.0
130.0
140.0
150.0
Equipment Cost Indices - Increases 2000 to July 2016
BLS - PPI
FM Global - Equipment Average
M&S - Equipment Average
M&S - Office Equipment
M&S - School Equipment
Equipment Cost Trends
Duff & Phelps - Insurance Valuation Services 19 November 9, 2016
Sources cited: M&S: Marshall Valuation Service - Marshall & Swift Quarterly Cost Index, Chemical & Petroleum Equipment Indices Oil & Gas Journal, Nelson/Farrar total refinery index Chemical Engineering Magazine, Chemical equipment total index
100.0
110.0
120.0
130.0
140.0
150.0
160.0
170.0
Chemical Process and Oil & Gas Equipment Cost Indices, July 2016
Marshall & Swift, Chemical
Marshall & Swift, Petroleum
Nelson/Farrar, Total Refinery
Chemical Engineering, Total Index
Cost Trend Resources, Equipment / Personal Property
United States Equipment:
• Marshall & Swift
• FM Global
• US Dept. of Labor, Bureau of Labor Statistics
– http://www.bls.gov/ppi/
• Handy Whitman – Index of Public Utility Construction Costs
Duff & Phelps - Insurance Valuation Services 20 November 9, 2016
Trending Fixed Asset Records
• Identify insurable property
- No land or site development costs
• Site improvements?
• Trends are not an absolute
• Fixed assets diverge from reality eventually
• Don’t trend:
- Used costs
- Allocated costs
- Internal transfer costs
• Renovations/Rebuilds
• Expensed items
• Non-US sourced assets
• Transferred assets
• Allocate assets to individual buildings
• Property of others
• Offsite assets
• Don’t trend longer than 7 – 10 years
Duff & Phelps - Insurance Valuation Services 21 November 9, 2016
Valuation of Historic Properties
Duff & Phelps - Insurance Valuation Services 22 November 9, 2016
Valuation of Historic Properties
Duff & Phelps - Insurance Valuation Services 23 November 9, 2016
Valuation of Historic Properties – Valuation Challenges
• Accurate Dimensions
– No plans, irregular construction
• Construction details:
– Elaborate/Ornate design
– Unusual/higher quality materials
– Higher quality of craftsmanship
– Special features
Duff & Phelps - Insurance Valuation Services 24 November 9, 2016
Valuation of Historic Properties – Valuation Challenges
• On-Site Procedures:
– Extensive photography
– Measure and draw floor plans
– Identify and quantify construction materials
– Identify and quantify unique features –
Towers, Spires, Organs, Clocks, Carillons, Chandeliers, Stained Glass, etc.
• Office Pricing Procedures:
– Segregated cost analysis
– Cost adjustment for material quality/design
– Research costs with industry sources
– Compare conclusions with similar properties
Duff & Phelps - Insurance Valuation Services 25 November 9, 2016
Renovations of historic properties and tracking insurable values
• Insurable value = Original cost x Cost index
– Built in 1890 for $250,000
– Index/multiplier from 1890 = 55.0
– Insurable Value = $250,000 x 55 = $13,750,000
– Is this reasonable?
• Renovation costs
– 1920 - $300,000 ($9,000,000) (additional wing and updated entrance)
– 1950 - $750,000 ($9,750,000) (finished basement area and updated interior finishes)
– 1980 - $2,500,000 ($7,500,000) (updated building services/HVAC)
– 2008 - $6,000,000 ($6,600,000) (updated ADA compliance, lighting, wiring, HVAC, system controls and exterior finishes repaired)
– Total current cost of renovations = $32,850,000
• Are renovations adding cost or just curing physical depreciation?
Duff & Phelps - Insurance Valuation Services 26 November 9, 2016
Renovations of historic properties and tracking insurable values
Recent example
• Public library, built in 1873
– 1917; removal of tower to make way for stack additions
– 1933; renovation changing architectural exterior design
– 1968; new wing
– 1986; system upgrades
– 2005; upgrades to building systems, elevators, wireless internet, security, and code upgrades
• 2015 insured value of $20,800,000 = $850/SqFt
• 2015 Historic appraised value $10,900,000 = $440/SqFt
• Typical high quality new libraries in local area being built for $275 to $300/SqFt
Duff & Phelps - Insurance Valuation Services 27 November 9, 2016
Valuation Solutions - Data Required for a Valuation Services
Quote
Size and Scope of Valuation Services
Current SoV
Property details
– Size (total square feet/square meters)
– Occupancy/product
– Number of buildings on site
– Sketch/plot plan
– Loss prevention report
Asset description requirements for client/underwriter/broker
– Modeled contents, single value for all assets within each building
– Asset level detail, inventory
Duff & Phelps - Insurance Valuation Services 28 November 9, 2016
Valuation Solutions
Appraisal Programs
Identification of high-priority sites based on:
– Value
– Risk profile
– Degree of confidence in existing values
– Key location driving policy limits
Perform diagnostic analysis of recent statement of insurable values and related data
Sample sites by occupancy / product
Sample sites by region
Appraise specific number of sites per year
Build database for site comparison
Update prior appraised sites by trending (limit five to seven years)
Duff & Phelps - Insurance Valuation Services 29 November 9, 2016
Insurance Appraisal Services - Buildings
Component-Based Appraisal Methodology
Buildings - site inspection
– Review of available as-built plans
– Measuring of dimensions
– Determination of primary construction components
– Review of building services, interior and exterior finishes, etc.
– Photographing of each building
– Development of replacement cost using local construction cost resources
– Reporting of values (and COPE data if required) by building
– Evaluation of land improvements (if required) - parking lots, signage, outdoor lighting, etc.
We do not recommend trending building costs:
– High probability of capitalized renovations results in excessive replacement cost
– Unable to break out original costs by individual building
Duff & Phelps - Insurance Valuation Services 30 November 9, 2016
Valuation Solutions - Buildings
COPE Data
Underwriters are interested in receiving more than just a valuation; they also want COPE data.
– Construction (e.g., frame, brick, masonry, masonry veneer, etc.)
– Occupancy (how the building is being used)
– Protection (e.g., quality of the responding fire department, adequacy of water pressure and water supply in the community, the presence or absence of smoke alarms, etc.)
– Exposure (risks of loss posed by neighboring property or the surrounding area, taking into consideration what is located near the property, such as an office building, a subdivision or a fireworks factory)
Duff & Phelps reports primary COPE data as a standard deliverable in addition to insurable values.
Duff & Phelps - Insurance Valuation Services 31 November 9, 2016
Insurance Appraisal Services - Buildings
Standard COPE Data Occupancy
Address
Class of construction
Year of construction
Square feet of space
Number of stories
Average story height
Wall construction
Roof construction
Heating system
Cooling system
Fire alarm
Sprinklers
Entry alarm
GPS coordinates
Optional COPE Data
Plot plans
Flood zone certification
Secondary Windstorm COPE Data
Construction quality
Roof covering
Roof age/condition
Roof geometry
Roof anchor
Roof equipment bracing
Basement
Appurtenant structures
Cladding type
Roof sheeting attachment
Frame/foundation attachment
Ground-level equipment
Opening protection
Flashing and coping quality
Content grade
Duff & Phelps - Insurance Valuation Services 32 November 9, 2016
Secondary COPE data, the impact
Florida College System Risk Management Consortium
(FCSRMC)
Risk sharing pool with 175 campuses, 2,380 buildings, TIV $6.7 billion
Issue – mitigate property insurance pricing increases and capacity reductions arising out of introduction of RMS v.11 in 2012
2012 Renewal: premium increase of $1.6M, wind capacity $90 million, a reduction of $60 million
Carriers blamed loss in capacity on the substantial increase in the FCSRMC model results under RMS 11 versus RMS 10.
Actions: data collection project and personal visit to Lloyds to solicit more property wind capacity
Duff & Phelps (formerly American Appraisal) visited all 2,380 buildings to collect primary and secondary COPE, FRSRMC already had good values, cost $160,000
GA PRIMA Chapter, October 14th, 2015 33
Secondary COPE data, the impact
Florida College System Risk Management Consortium (FCSRMC)
2013 renewal results:
– Modeling results reduced 250 year PML by 44%, and AAL by 47%
– Wind capacity increased by 39% to $125 million with a 9% increase in total property program cost
2014 renewal results:
– Property wind limit increased from $125 to $150 million
– 7% property premium decrease
– Since 2012 overall premium remained flat with 10% exposure increase and $60 million wind limit increase
GA PRIMA Chapter, October 14th, 2015 34
Valuation Solutions - Buildings
Site Inspection versus Desktop – the difference
Accuracy of Square Footage
Accurate determination of construction materials
Quality of construction
Appropriate “Model” usage
Additional building features
Collection of primary & secondary COPE data
Site specific factors
Shape / perimeter required for accuracy
Duff & Phelps - Insurance Valuation Services 35 November 9, 2016
Valuation Solutions – Contents / Personal Property
Appraisal Programs
Contents/personal property valued by modeling approach
– Recommended when personal property is of much less significant value than real property
– Based on appraisal company’s prior full surveys of similar occupancies
– $/SF used and adjusted when necessary by appraisal staff
– Typical for public-sector occupancies
Duff & Phelps - Insurance Valuation Services 36 November 9, 2016
Valuation Solutions – Contents / Personal Property
Appraisal Programmes:
Fixed asset trending with brief site inspection
– Requires accurate fixed asset list with true original costs
• Manufacturer, model, serial number, original cost, year of acquisition and locations within the property
– Application of appropriate cost trends prior to site inspection
– Onsite limited verification of existence of significant assets
– Limited addition/deletion of assets based on findings
– Limited re-costing to validate cost trends
– Contents costs reported by building if identified in fixed asset record, otherwise by overall site
– Typical for light manufacturing occupancies
Duff & Phelps - Insurance Valuation Services 37 November 9, 2016
Valuation Solutions – Contents / Personal Property
Appraisal Programs
Detailed asset listing by comprehensive site inspection
– Inspected and inventoried
• Asset number, description, model number, serial number and manufacturer
– Predetermined equipment listing cut-off, suggested is $100,000
– Logical production lines and single assets with replacement cost $100,000 listed
– Asset below this cost grouped with like kind assets
– Assets repriced using a variety of sources
– Values reported by floor by building
– Typical for HPR occupancies
Duff & Phelps - Insurance Valuation Services 38 November 9, 2016
Report Formats
Final report formats
The following are typically available
– PDF reports
– Web-accessible reports
• Stores original PDF reports
• Select and view individual buildings and associated contents
• Sort on five different levels using 16 key data elements
• Download sorts to Excel and PDF
• Allow restricted access to employees/brokers/underwriters
Duff & Phelps - Insurance Valuation Services 39 November 9, 2016
Qualifying Valuation Consultants
Factors to consider when engaging an appraisal consultant
Qualifications and experience - a match to your properties
Professional accreditation
– ASA, Appraisal Institute, ASFMRA, etc.
Experienced Full-Time Consultants
Uniform Standards of Professional Appraisal Practice (USPAP) Compliant Reports
Internal Quality Review / Controls
Size of staff
Optional services
– Fair market value of real estate
– Fixed asset inventory and reconciliation services
Duff & Phelps - Insurance Valuation Services 40 November 9, 2016
Summary Points
Benefits
Improved risk management and marketability of insurance portfolio
Diagnostic Review
– Are your present values reasonable?
Cost Trends
– Construction cost trend uncertainty receding
– Trends are average indicators of change, they are not absolute
Valuation Solutions and Engaging a Valuation Consultant
– Be an informed purchaser, customize your scope
– Increased demand for COPE data
Duff & Phelps - Insurance Valuation Services 41 November 9, 2016
Michael Domin
Managing Director
Michael is a managing director of business development for the Fixed Asset Management and Insurance
Solutions group (FAMIS). He has more than 16 years of experience in the professional appraisal industry, and
currently works to develop client solutions for public, private and nonprofit entities.
As a consultant, Michael completed infrastructure valuations for various public entities including counties, cities,
independent park districts, municipalities, universities, colleges, risk pools and school districts. He specialized in
the appraisal of building construction and water and wastewater utilities. In addition, he valued traditional and
modern churches, parishes, convents, and rectories. He continues to provide quality assurance for church
appraisals. Michael has valued fixed assets and buildings for purposes of insurance, accounting, and property
records. He has also completed infrastructure studies and performed valuations for compliance with GASB 34.
Michael joined Duff & Phelps through the acquisition of American Appraisal in 2015. He joined American
Appraisal in 2000 and worked in various valuation consulting and management positions until 2008, when he
joined the business development
Michael earned his Bachelor of Business Administration at Carthage College.
Duff & Phelps - Insurance Valuation Services 42
Duff & Phelps, LLC
Managing Director
Chicago. Lisle
+1 630-541-4651
November 9, 2016
Craig Derrick
Craig is responsible for the management, performance, quality, fee generation, and profitability of the Dallas
fixed asset management and insurance practice operations, providing the proper guidance, direction, and
communication to those within the group. He collaborates closely with Duff & Phelps’ business development
personnel to establish new opportunities. In addition, Craig is responsible for each engagement’s management,
execution, and quality; compliance with applicable laws and standards; and the establishment of a client focus,
which results in excellent client service.
Craig has over 11 years of managerial experience in the industry and 15 years of project management
experience. His expertise includes knowledge with property insurance and the evolving needs of that
marketplace. His valuation experiences are with real and personal property, including fixed assets and their
reconciliation procedures, as well as the appraisal of land improvements, buildings, and
infrastructure. Primarily, Craig serves public sector clients, involving both state and local government,
healthcare groups, public schools/colleges, and water/wastewater utility treatment. He has advanced
knowledge of various appraisal practices and client portfolio management, specializing in complex engagements
and high-value risk in the property insurance marketplace.
Craig holds a B.A. in Communications with specialization in Public Relations from the University of Texas at
Arlington. He is also a candidate member of the American Society of Appraisers.
Duff & Phelps - Insurance Valuation Services 43
Duff & Phelps, LLC
Director
Addison
+1 469 547 4246
November 9, 2016
Nigel Wilson, ASA, CEng, MIMMM
Nigel Wilson is a director of insurance services at Duff & Phelps and is part of the firm's Fixed Asset
Management and Insurance Solutions (FAMIS) practice. Nigel has deep expertise in developing the cost
approach for insurance purposes in all industrial, commercial, and institutional occupancies, as well as cost
trend development and maintenance.
Nigel has provided his insurance valuation expertise to a broad spectrum of noteworthy clients including Kraft
Foods, Las Vegas Sands, CSL Behring, Cooper Tire, Johnson Controls, DRS Technologies, Omni Hotels, Nike,
Vishay Intertechnology, Harvard University, Massachusetts Bay Transportation Authority Exelon, Massachusetts
Institute of Technology and many more.
Nigel joined Duff & Phelps through the acquisition of American Appraisal in 2015 where he held various
positions within the Industrial Valuation and FAMIS practices. Prior to American Appraisal, Nigel was with FM
Global where he served as a manager of appraisal standards for over 20 years.
Nigel is a thought leader, frequent speaker and author on various topics related to insurance valuation. He is
the editor and contributing author to the firm’s Insurance Valuation Services Today e-newsletter and has been a
qualified instructor of the American Society of Appraisers’ machinery and equipment valuation courses for the
past 25 years. Nigel is an active member, former Chapter President and Committee Chair of the American
Society of Appraisers. He is professional member of the Institute of Materials, Minerals and Mining and a
chartered engineer. Nigel is also an active member and past committee chair in the University Risk
Management and Insurance Association.
Nigel earned his B.S degree in Metallurgy from the University of Aston in Birmingham, England.
Duff & Phelps - Insurance Valuation Services 44
Duff & Phelps, LLC
Director
225 Franklin Street, Floor 21
Boston, MA 02110
T +1 617 378 9485
M +1 414 791 4751
November 9, 2016
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locations and services, please visit:
www.duffandphelps.com
About Duff & Phelps
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