LMi Mobile Apps is a suite of mobile tools that includes calculators, research tools and training materials, developed by the LMI Group for the benefit of insurance professionals.
The world’s first mobile under-insurance calculator, LMi Mobile Under-insurance Calculator, was the first release in this suite of mobile tools, and LMI Group was pleased to provide this app for your use, with our compliments.
LMI Group now adds to this valuable app, the newly developed LMi Mobile Building Cost Calculator. For your convenience, this calculator has been incorporated into the LMI Mobile App download, meaning that you only need the one download for access to both calculators - now that’s convenient!
While many Insureds believe they have no exposure until their Sum Insured or Limit of Liability is exhausted, this of course is not the case due to the Average or Co-insurance provision found in most property and business interruption policies. Under-insurance is a huge problem worldwide. Any saving in premium costs is far outweighed by the uninsured losses that have to be carried by a business, even after a partial loss.
This calculator has been designed to enable the insurance adviser to quickly demonstrate to their client the uninsured portion of a loss of any size. The system defaults to a Sum Insured or Limit of Liability of $1,000,000 with a Value at Risk of $2,000,000 and a loss of $250,000. All these figures, including the Co-insurance/Average percentage, can easily be changed by the adviser using this application.
Building Cost Calculator
The second tool in the LMi Mobile suite provides an on-the-spot guide toward the actual value of a property based on the individual characteristics of the property and its location.
There is much more to a property than just bricks and mortar. For instance, fencing, retaining walls and car parks should also be taken into account when valuing a property, but would you know what value to place on these risks? If not, how confident are you that you have adequately valued your property for insurance purposes?
Under-valuing property is yet another factor in the high incidence of under-insurance. In an effort to assist the industry and its clients in combating under-insurance, LMI Group provides this building cost calculator as part of the free LMi Mobile App.
The current release of the LMi Mobile App provides both the LMi Mobile Under-insurance Calculator and LMi Mobile Building Cost Calculator for the iPhone and the iPad.
To learn more, please visit www.LMIGroup.com
Version 18.104.22.168 (Jul 26, 2011)
Building Cost Calculator released on iPad
Country Selection on initial app launch so that only relevant calculators are displayed for you
You can now email results for the under-insurance calculator
Version 22.214.171.124 (Apr 12, 2011)
Under-Insurance Calculator Improvements/Fixes for iPhone
Keyboard can now be hidden by tapping the background
Bug fixed with view formatting going off the side of the screen when pressing the calculate button with the keyboard active
Version 126.96.36.199 (Mar 30, 2011)
Disclaimer added for building cost calculator estimate
Version 188.8.131.52 (Mar 24, 2011)
Building Cost Calculator released for Australia on the iPhone:
The building cost calculator tool allows the user to quickly check whether the proposed sum insured for a property is within the correct range of values expected for a building at the particular location and with the configuration described. The valuation ranges are provided by an independent valuer, Andrew Nock and Associates.
More descriptive text added for the results in the under-insurance calculator
Version 184.108.40.206 (Oct 28, 2010)
Changed NZ emergency contact
Default for South African co-insurance set to 100%
Version 220.127.116.11 (Oct 17, 2010)
Internationalisation for currencies displayed
iPad native version
Version 1.20 (Sep 04, 2010)
Rebuild from the ground up to support the iPad user experience, and improve the graphics for the entire experience.
Version 1.10 (Jul 01, 2010)
Added support for multiple regions, and routed calls from the UK, Africa, and New Zealand appropriately.