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Commercial Buildings: Top 10 Risk Issues

Posted by Robert Lacy on November 6, 2019

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.

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Topics: insurance underwriting, loss cost, property risk inspections, insurance

To Get the Right Data, Start in the Right Place: Part 1

Posted by Chris Jansen on August 27, 2019

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.

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Topics: insurance underwriting, loss cost, PropertyEDGE, GIS mapping, risk assessment

RCP Codes Demystified

Posted by Terry Krueger on August 21, 2018

According to Wikipedia, RCP could refer to Rochester Community Players, Radio Club Paraguayo, or the Romanian Communist Party.

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Topics: insurance underwriting, loss cost, GIS mapping, insurance

What are Loss Costs and Loss Cost Multipliers? – Part 2 in the Basics of Commercial Lines Rating series

Posted by Terry Krueger on November 7, 2017

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.

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Topics: loss cost, property rating

Important Changes to the WSRB Risk Search Tool

Posted by WSRB on April 21, 2013

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.

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Topics: loss cost, insurance

Commercial Lines Rating Series: Part 4 - Green Construction Upgrades

Posted by WSRB on March 18, 2013

A green construction upgrade is a coverage option for property owners interested in rebuilding damaged property with green alternatives.

 There are 3 major components:

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Topics: insurance underwriting, loss cost, insurance

Agribusiness Risks: Part One - Inherent Special Hazards

Posted by WSRB on January 28, 2013

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).

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Topics: insurance underwriting, loss cost, property casualty inspections

Commercial Lines Rating Series: Part 2 - Loss Costs & Loss Cost Multipliers

Posted by WSRB on January 21, 2013

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.

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Topics: loss cost, insurance

Educating Clients about Insurance Loss Costs and Loss Control Inspections

Posted by WSRB on November 12, 2012

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.

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Topics: insurance underwriting, loss cost, property risk inspections, inspections

Why Field Reports Are Important

Posted by WSRB on August 27, 2012

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.

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Topics: insurance underwriting, loss cost, field inspections, inspections