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Verisk expands LOCATION premium tax and building code information services

LOCATION® Premium Tax Service helps you quickly and accurately determine the correct premium tax for your insureds. And now, we’ve added the service in Minnesota, making it available in eight states, also including Delaware, Florida, Illinois, Kentucky, Mississippi, New York, and South Carolina. The service merges the most comprehensive postal, parcel, and street databases with state-of-the-art geographic information system (GIS) technology to determine each policyholder’s correct location and premium tax. The service also indicates whether an insured is in multiple tax zones.

LOCATION building code information provides data on enforcement with Building Code Effectiveness Grading Schedule (BCEGS®) codes for commercial and personal lines. We’ve just added Kansas to our BCEGS database, making it the forty-ninth state for which building code information is available. Through the BCEGS program, we collect information on a community’s building code adoption and enforcement practices. Insurers can use the information for underwriting and to grant premium credits for buildings constructed in jurisdictions that rigorously enforce the latest revisions of the code.

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