Loss Cost Quote Report

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.

The value of loss costs for commercial properties

Verisk uses our Specific Commercial Property Evaluation Schedule (SCOPES) to develop specific loss costs. SCOPES provides many unique features:

  • a nationally recognized method of evaluating potential losses through the interaction of key variables, such as construction, hazards, private and public protection, and occupancy
  • sophisticated analysis of the causes of, and contributors to, potential property losses
  • use of nationally recognized safety standards — such as those of the National Fire Protection Association (NFPA) — and product listings of recognized testing organizations such as UL
  • the latest industry loss experience

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.

Risk Engineering Utility

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.

Report elements

Your Loss Cost Quote Report includes:

  • Experience Level Adjustment (ELA) factors
  • Limit of Insurance (LOI)
  • Basic Group I (BG I) loss costs
  • Basic Group II (BG II) and Enhanced BG II loss costs
  • Protective Safeguard Clause
  • Commercial Statistical Plan (CSP) codes
  • BG I RCP (Rating Plan/BG I Construction Class/Protection) code
  • BG II RCB (Rating Plan/BG II Construction Class/BCEGS®) classification code

Refer to the sample reports for detailed descriptions.

For more information about the Loss Cost Quote Report

  • Call Verisk Customer Support at 1-800-444-4554, option 3.