WSRB’s commercial property analysts inspect hundreds of buildings each year for Subscribers. When they’re in the field, our inspectors encounter all kinds of risky conditions and fire hazards that affect insurance loss costs.Read More
Thanks to two television series (and a third one in the works), 90210 is perhaps the most famous ZIP code. The tens of thousands of other ZIP codes toil in relative obscurity but are no less important to not just mail delivery but also a wide variety of other business functions.Read More
According to Wikipedia, RCP could refer to Rochester Community Players, Radio Club Paraguayo, or the Romanian Communist Party.Read More
Our blog series, The Basics of Commercial Lines Ratings, offers a refresher course on the fundamentals. In Part 1, we looked at the components needed for developing a commercial property rate. In Part 2, we explore loss costs and loss cost multipliers.Read More
WSRB has revised the Washington commercial property loss costs in conjunction with the introduction of limit of insurance (LOI) relativities for Basic Group I, Basic Group II, Broad Form and Special Causes of Loss property damage coverages.
Several other rating factor changes and rule revisions were also included in the filing package to supplement the introduction of LOI relativities. These revisions, which we filed on behalf of our Subscribers in filing #CF-2012-RLC09 and CF-2012-RRU09, apply to all policies effective on or after July 1, 2013, and can be found in the Members Page Compliance Filing Library on our website.Read More
A green construction upgrade is a coverage option for property owners interested in rebuilding damaged property with green alternatives.
There are 3 major components:Read More
As every underwriter and loss prevention/control person knows, there are endless questions to be asked regarding every insured risk. Every business is unique, requiring a fundamental understanding of the exposures and special hazards inherent to the particular class of business that one is underwriting and/or reporting on.
Agribusiness is certainly one of those specialized classes of business requiring particular attention to reporting details, of not only the property exposures and hazards but also the casualty exposures and hazards inherent to the business’ Construction, Occupancy, Protection features, and Exposures (COPE).Read More
What is a Loss Cost?
What is a Loss Cost Multiplier?
Effective October 1, 1994, WSRB began publishing Advisory Prospective Loss Costs in lieu of Advisory Rates.
A loss cost is the portion of the rate component covering only losses and the costs associated with settling losses. Each company must determine its own expense provisions and include provisions for underwriting profit and contingencies.
A loss cost plus company provisions constitutes a rate.Read More
The job of insurance field and loss control inspections professional is not always a popular one. Field Inspectors are often confronted with opposition from home or business owners who may not fully understand the role of inspections and loss costs in the insurance underwriting process. Many insureds believe that their insurance company is sending someone to check up on them or to look for reasons to raise their rates.
You’ve asked all the right questions and collected all the filled-out forms. You may even know the building, but do you really know what’s going on inside and around the buildings you insure? It’s impossible to account for every possible situation and condition applying to a building through questions, conversations and building history and data.Read More