General Liability Rating and Classifications

By Vincent Conti June 12, 2012

BYOB.

Now that I’ve grabbed your attention with a common abbreviation — one discussed in this web seminar, by the way — allow me to present you with some uncommon ones. In fact, I hope you’re hungry, as we offer an alphabet soup in this session on general liability rating and classification. Do you know what ILF stands for as it relates to this topic? Or LCM, ILTA, and ELP? If you could use some help — or if you just want to double check your knowledge — watch this session.

We’ve put together the seminar in part to give you a behind-the-scenes look at ISO’s process for developing rating and classification features. Take the classifications for instance; why do we classify risks?  Is it:

(a) to collect statistics for various types of businesses
(b) to recognize differences between risks for rating purposes
(c) to make credible loss costs or rates
(d) all of the above

This seminar will answer that for you and more. And as for BYOB, ISO will soon be introducing a new classification for restaurants that let you bring your own. Learn all about it now.