In a fast-paced market, you need to respond to new business opportunities even when there’s limited information available. Verisk’s Estimated Loss Cost Quote Report gives you a quick, simple, and economical way to estimate both class-rated and specifically rated commercial loss costs quickly and confidently — avoiding a straight declination or losing out to the competition.
The ProMetrix® commercial property database contains loss costs for about 3.7 million buildings and 26 million individual businesses occupying those buildings. If the ProMetrix system can't find a loss cost for a property you're currently evaluating — or if the occupancy information in the database doesn't match what's on an application for insurance — then simply order an Estimated Loss Cost Quote Report as an interim step.
Estimated Loss Costs also let you conduct “what if” analyses. You see in real time the potential effect on loss costs from factors such as changing the business occupancy, installing a sprinkler system, or improving the Public Protection Classification (PPC™).
The system uses Verisk's past analyses to develop estimated loss costs for any commercial property. We've modeled various categories of buildings and occupancies using properties currently in the database. All you need to do is enter some basic information about your risk. The Estimated Loss Cost Quote Report provides typical results based on what you enter.
If you find the address and building you're looking for in the database but not the specific occupancy you need to quote, the system will prompt you for the occupancy code and square footage of the business. Knowing the Commercial Statistical Plan (CSP) occupancy code will help, but we also provide drop-down windows to help you identify the right code.
When you order a 360Value® Estimated Replacement Cost Valuation, the ProMetrix system communicates with 360Value building cost databases to match our structural data with Verisk’s unit-cost data.