Estimated Loss Cost Quote Report

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 how it works

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.

If you don’t find the building you're looking for in the database, the system will prompt you for:

  • construction, number of stories, square footage, year built, and whether the roof has a wind uplift 90 rating
  • business information, including occupancy classification and square footage
  • presence or absence of a sprinkler system

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.

Custom data and consulting services

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.

For more information about the Estimated Loss Cost Quote Report

  • Call Verisk Customer Support at 1-800-888-4476.