To avoid making a straight declination or losing out to the competition while waiting for a field inspection, 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 with limited information.
The ProMetrix® commercial property database contains loss costs on about 3.5 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 while you clarify your information.
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 provided drop-down windows to help you identify the right code.
Based on your input, the Estimated Loss Cost function applies the ISO Commercial Lines Manual class-rating eligibility rules and returns the appropriate loss costs. If the property is eligible for expanded class rating, the Estimated Loss Cost Quote Report displays both class and specific results, and you can select according to the rules your company has adopted.
Verisk also provides manual and automated support for your special projects, such as renewal underwriting and reviews. Ask about our custom data and consulting capabilities.