TROY, MI, Aug 18, 2009 (MARKETWIRE via COMTEX) -- 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(R) 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:
Diane Whipple
Senior Vice President of Sales & Marketing
877-456-7294
Email Contact
SOURCE: Brown & Brown, Inc.
http://www2.marketwire.com/mw/emailprcntct?id=B91783A9DACC0F3D
