SOURCE: Brown & Brown, Inc.

Brown & Brown, Inc.

August 18, 2009 10:18 ET

Web-Based ValueNOW Service Simplifies Replacement Cost Calculation

TROY, MI--(Marketwire - August 18, 2009) - ValueNOW, a new web-based service available from Proctor Financial, Inc., gives lenders, mortgage servicers and investors a quick and easy way to establish the replacement cost and actual cash value of residential properties, including 1 - 4 unit single family dwellings and town-house style condominiums. This new service is being bundled with PFI's Mortgage Guard® lender-placed hazard insurance program, and includes a Replacement Cost Guarantee and Inflation Guard endorsement to provide a complete, fully integrated insurance solution.

Powered by advanced technology from e2Value, Inc., the ValueNOW property valuation tool operates in a real-time environment and is accessible 24/7 through Proctor Financial's secure client portal at www.pfic.com. Minimal data is needed to utilize ValueNOW -- users simply enter a valid property address. ValueNOW integrates public-record data from three national sources to produce a comprehensive property valuation report, and utilizes proprietary "assumption table" technologies to bridge voids of key missing information.

Effective multi-source validation has been built into the ValueNOW tool. Data and confidence scoring help the user determine if data results from various sources match, while satellite and aerial imagery -- as well as advanced GeoCode and measurement tools -- provide quick and accurate identification of the subject property.

Users are charged a nominal fee per calculation. No charge is made for calculations where public records are incomplete or unavailable. The tool can be used for single property calculations as well as batch processing tasks of 500 or more properties. A commercial property replacement cost valuation option is scheduled to be added to the ValueNOW service by the third quarter of 2009.

"Only coverage based on full replacement cost value can protect against a total loss," notes Gary Johnson, REO Asset Management Representative with First Federal Bank of California. "In an ever depreciating real estate market, ValueNOW has helped us to determine the optimal insurable value from a cost perspective."

Additional information about ValueNOW service is available by emailing Proctor Financial at proctorsolutions@pfic.com or calling toll-free 877-456-7294.

About Proctor Financial, Inc.

Proctor Financial, Inc. headquartered in Troy, Michigan, is a wholly-owned subsidiary of Brown & Brown, Inc. (NYSE: BRO), ranked by Business Insurance magazine as the United States' seventh largest independent insurance intermediary. Proctor Financial is considered one of the pioneers of lender-placed insurance. Today, Proctor Financial provides innovative risk-management solutions to over 1,600 lenders nationwide, insuring approximately $23 billion in residential and commercial properties. Learn more about Proctor Financial at www.pfic.com

This press release may contain certain statements relating to future results which are forward-looking statements. These statements are not historical facts, but instead represent only the current belief of Proctor Financial, Inc. and its parent company, Brown & Brown, Inc. (collectively, the "Company") regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company's control. It is possible that the Company's actual results, financial condition and achievements may differ, possibly materially, from the anticipated results, financial condition and achievements contemplated by these forward-looking statements. Further information concerning the Company and its business, including factors that potentially could materially affect the Company's financial results and condition, as well as its other achievements, are contained in the Company's filings with the Securities and Exchange Commission. All forward-looking statements made herein are made only as of the date of this release, and the Company does not undertake any obligation to publicly update or correct any forward-looking statements to reflect events or circumstances that subsequently occur or of which the Company hereafter becomes aware.

About: e2Value, Inc.

e2Value, Inc. is a full-service application development, insurance consulting, strategic technology partner and provider, offering products to assist with structure valuation and workflow solutions. Founded in 1999 by former insurance executives and based in Stamford CT, e2Value is the leading hosted application provider delivering replacement cost valuations over the Web for all residential, commercial and farm and ranch properties in the United States and Canada. The company offers full-featured, knowledge-based Internet applications for insurance, real estate and banking professionals that enable consistency and standardization of pricing, processes and procedures. Its customers range from the world's leading insurance companies to one-person insurance agencies, as well as lenders, mortgage servicers and appraisal management companies. Learn more about e2Value at www.e2value.com.

Contact Information

  • Contact Information:

    Diane Whipple
    Senior Vice President of Sales & Marketing
    877-456-7294
    Email Contact