Overview
The Financial section on the New Claim form is a four-column grid where adjusters enter all dollar amounts associated with a claim. These values drive reporting, invoicing, and — for TORRENT-integrated claims — the Final Report submission. Every column and row must be understood before entering financial data.
Column Structure
The grid is divided into four columns that separate financials by coverage type and structure:
Building (Main) — Dollar amounts for the primary insured structure's building coverage.
Building (Appurtenant) — Dollar amounts for any appurtenant structures (detached garages, sheds, fences, and similar structures covered under the policy).
Contents (Main) — Dollar amounts for personal property or contents inside the primary structure.
Contents (Appurtenant) — Dollar amounts for contents located within appurtenant structures.
Enter values in each column independently. Not every claim will have data in all four columns — a claim affecting only the main building, for example, may only need the Building (Main) column.
Row Reference
Each row captures a specific financial data point. Work through them from top to bottom:
Reserve ($) — The initial reserve amount set for this coverage category. Reserves represent the estimated total cost of the claim and are typically set when the claim is first opened or after the initial inspection.
Reserve Adj Amount ($) — Any adjustment to the original reserve. Enter a positive number to increase the reserve or a negative number to decrease it. This field tracks changes to the reserve over the life of the claim.
Property Value (RCV) ($) — The Replacement Cost Value of the damaged property. RCV is the cost to repair or replace the damaged item with materials of like kind and quality, without deduction for depreciation.
Property Value (ACV) ($) — The Actual Cash Value of the damaged property. ACV equals the replacement cost minus depreciation. This is the amount the insured receives if the policy pays on an ACV basis or before recoverable depreciation is released.
Gross Loss (RCV) ($) — The total replacement cost of the loss before any deductions. This represents the full scope of damage at replacement cost.
Covered Damage (ACV) ($) — The actual cash value of covered damage after applying depreciation but before applying the deductible. This is the net covered loss on an ACV basis.
R/C Claim Amount ($) — The Replacement Cost claim amount. This is the amount payable to the insured under replacement cost provisions, typically released after the insured completes repairs and provides documentation.
Advance/Prior Payment ($) — Any advance payment or prior partial payment already issued to the insured on this coverage category. Enter the cumulative total of all previous payments so the system can calculate the remaining balance owed.
Salvage ($) — The estimated or actual value of salvageable property recovered from the loss. This amount may reduce the net claim payment.
Removal ($) — Costs associated with debris removal or the removal of damaged property from the loss site. Debris removal is often a separate coverage under the policy.
Protection ($) — Costs incurred to protect the insured property from further damage (for example, emergency board-up, tarping, or water extraction). Protection costs are typically covered under the policy's preservation-of-property provisions.
TORRENT Requirement
If the claim is processed through the TORRENT system, all financial figures in the grid must be populated before Evolve will allow you to submit a Final Report to TORRENT. See New Claim — TORRENT Data Entry for the companion TORRENT fields.
Tips
Enter dollar amounts without currency symbols or commas — Evolve formats the values automatically.
If a column does not apply to the claim (for example, there is no appurtenant structure), leave those cells empty rather than entering zeros unless your company's workflow requires zero-fill.
Reserve amounts should be reviewed and updated as the claim progresses. Use the Reserve Adj Amount row to document increases or decreases rather than overwriting the original Reserve value.
The difference between RCV and ACV is depreciation. Make sure your depreciation calculations are documented in the claim report before entering these values.
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