A filed loss cost is a powerful driver of underwriting and pricing. It helps determine a competitive quote and adequate premium for your insurers. But that same loss cost may limit your options to improve either quotes or premiums. Our Loss Cost Quote Report helps you beat the competition with reliable loss cost, rating, and risk selection information.
With our Risk Engineering Utility, you can offer a more competitive quote by modeling the effect of improved risk characteristics on the property’s loss cost.
Verisk Insurance Solution’s commercial property core expertise is surveying and evaluating the attributes of commercial properties. We incorporate the latest industry loss experience to develop loss costs tailored to the conditions we find. And we know what to look for when examining a building's construction, hazards, public and private fire protection, occupancy, and other exposures.
Verisk uses our Specific Commercial Property Evaluation Schedule (SCOPES) to develop specific loss costs. SCOPES provides many unique features:
With a Verisk Loss Cost Quote Report, you see where SCOPES deficiency points apply, and you can encourage the property or business owner to reduce the hazards. You can explain pricing incentives offered by insurers for protection features, such as automatic fire detection and fire suppression systems, portable fire extinguishers, standpipe systems, and watchman services.
This tool can identify remediable deficiencies in a building that affect the loss cost. Using a proprietary “what if” assessment, you can instantly recalculate loss costs based on correcting the deficiency and present to the insured an excellent economic case for doing so. You can provide a quote that reflects the improved risk, something the competition can’t do.
Your Loss Cost Quote Report includes:
Refer to the sample reports for detailed descriptions.