In a fast-paced market, you need to respond to new business opportunities even when there’s limited information available. 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®).
Here’s what you get
- Building and occupant Estimated Loss Costs for Basic Group I (BG I – fire), Basic Group II (BG II – wind), and Enhanced BG II causes of loss
- Building and occupant CSP codes, including BG II, construction, occupancy, PPC grading, rating plan, and territory
- RCP (Wind Rating/Construction/Protection) and RCB (Wind Rating/Construction/BCEGS®) codes
- Experience Level Adjustment (ELA) — If your company hasn't adopted the current ELA, you can choose the appropriate past one.
- Limit of Insurance (LOI) — LOI curves provide varying loss costs (per $100 of insured value) as the limit of insurance changes, and the LOI rating reflects the need to vary the rate depending on the actual limit selected.
- Class-rated or specifically rated loss costs
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.