JERSEY CITY, N.J., July 22, 2014 — Verisk Insurance Solutions – Underwriting, a unit of Verisk Analytics (Nasdaq:VRSK), today announced that 360Value® now includes property slope and site access data for residential and commercial properties in the United States. Verisk Climate, a division of Verisk Analytics, collects and analyzes the data. 360Value is a web-based replacement cost estimator for residential, commercial, and agricultural properties.
The new data is available in 360Value Property Prefill, which automatically populates key building information to generate replacement cost estimates. Property prefill streamlines the replacement cost estimation process and increases the reliability of results. 360Value Property Prefill now includes data on as many as 21 residential building characteristics.
“The latest enhancement to 360Value Property Prefill is a key advancement in our effort to continually refine replacement cost estimates,” said Steve Lekas, vice president of Property Product Management for Verisk Underwriting. “360Value has always given users the ability to enter property slope and site access, but the fields are completed for less than 1 percent of all replacement cost estimates. While system assumptions can provide a best guess for those fields, there’s no substitute for actual information.”
Property slope is the angle of the land on which the property sits. Due to required modifications of the foundation and challenges in construction, properties built on steep slopes can cost an average of 12 percent more to replace than a property built on land with no discernible slope. Verisk Climate satellite data-based analytics allow for a high degree of resolution when estimating property slope.
Site access refers to any impediments that contractors face when reaching a worksite. This can include distance traveled for rural properties or an alternate form of travel, such as a ferry for a house on an island. The extra expense involved can increase reconstruction costs an average of 16 percent compared with properties built in more accessible areas. Verisk Climate technology captures site access using multiple data sources, including road network data that calculates distance and accounts for impediments to easy access.
Property slope and site access are available today and included with 360Value Property Prefill.
About Verisk Insurance Solutions – Underwriting
A unit of Verisk Analytics (Nasdaq:VRSK), Verisk Insurance Solutions – Underwriting is a leading source of underwriting information about property/casualty insurance risk. Drawing upon vast experience in data management, predictive modeling, and risk assessment solutions, Verisk Insurance Solutions includes the industry-leading brands of ISO, AIR Worldwide, and Xactware. In the United States and around the world, Verisk Analytics helps customers protect people, property, and financial assets. For more information, visit www.verisk.com/insurance.