A filed loss cost is a powerful driver of underwriting and pricing, helping you determine adequate premium. But that same loss cost may seem to limit your options to improve premium and accurately price policies for your insureds. Our Loss Cost Quote Report helps you beat the competition with reliable loss cost, rating, and risk selection information.
And 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.
The tutorial below walks through the loss cost data and also highlights some recent formatting updates to the report.
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 improve the bottom line for both you and your insureds by offering pricing incentives for protection features, such as automatic fire detection and fire suppression systems, portable fire extinguishers, standpipe systems, and watchman services. For class-rated properties, our new Class Insight ratio provides a more precise individual risk evaluation to enhance the class-rated loss cost.
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 an excellent economic case for doing so to a distributor or insured. You can give them a quote that reflects the improved risk, something the competition can’t do.