Powered by Verisk Climate technology
Working with Verisk Climate, Verisk Underwriting is adding property slope and site access to the list of building characteristics offered in its 360Value® property prefill offering. Soon, when you enter an address in 360Value, the system will prefill as many as 21 property-specific building characteristics for residential structures and 13 for commercial structures.
Property slope refers to the grade of the land on which the property sits. Typically, the steeper the grade, the more it costs to reconstruct the property. Site access refers to any impediments contractors face to reach the worksite easily. Properties located in remote areas or in difficult-to-reach areas, such as islands without bridges, cost more to reconstruct. Verisk Climate uses innovative analytics based on proprietary technology employing satellite, topographical, and mapping sources to determine steep slopes and uses road network data to determine island access, remote/rural, and urban areas.
The number of properties that meet those criteria varies greatly by region and in many areas can be small. However, the effect on the replacement cost estimate can be significant. Incorporating reliable information on property slope and site access will help insurers confirm that their policyholders have adequate coverage for a potential loss and collect premium commensurate with the actual risk.