In today’s service economy, it’s all about finding a niche. No matter the industry, if there’s a customer need not being filled, someone will find a way to address it. A niche doesn’t have to be sexy or earth-shattering. Even a small innovation can have a sizeable impact.
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A few weeks back, the Wall Street Journal featured a story which triggered the chilling sensations and forebode of an unseasonably cool August day in Seattle: imminent dark mornings, umbrellas, zipped-up collars, and wiper blades. Against a photo of an FBI team leaving the office of a New York state apartment developer, the piece detailed clever tactics of deception, seemingly from our past financial nightmare of mortgage loan debacles.
Read MoreTopics: Property and Casualty Loss Control, property risk inspections
Ever heard anyone talk trash about their insurance? Quite often, it’s because they thought their policy covered something that it didn’t. When a claim doesn’t pay what they expect, it can lead to anger and frustration. This also serves to give the insurance industry a bad rap.
Read MoreCauses of Loss – Special Form
Special Cause of Loss provides coverage for risks of direct physical loss unless excluded or limited.
Theft coverage is included when using the limit of insurance (LOI) rating method, but it can be excluded.
The Watercraft Exclusion modifies coverage under Special Form. It excludes watercraft damage to retaining walls that are not part of a building, bulkheads, pilings, piers, wharves, or docks.
Read MoreTopics: Property and Casualty Loss Control, property rating, rating bureau, GIS Mapping, insurance
BCEGS (Building Code Effectiveness Grading Schedule) offer a valuable glimpse of a community’s protection capability. BCEGS rates are based on the building codes that a community has adopted and the enforcement of those codes. They particularly emphasize codes associated with natural disaster preparedness.
Read MoreTopics: BCEGS, Insurance underwriting, Property and Casualty Loss Control, Protection class, GIS Mapping, insurance, Subscriber Services, Home Fire Protection
One of the most common challenges that compliance professionals face is how to justify rates for a new program or coverage to the state insurance department’s satisfaction.
Read MoreTopics: Insurance underwriting, Property and Casualty Loss Control, Actuaries, compliance, insurance
Elevation is commonly used by insurers to determine a property’s height in relation to sea level or floodplains to assess the need for flood insurance. However, elevation tools can also be used to determine the slope and aspect of an area.
Read MoreTopics: Insurance underwriting, Property and Casualty Loss Control, PropertyEDGE™, rating bureau, GIS Mapping, Home Fire Protection
Along with our new General Casualty Report supplement, we are now also offering custom reports through our subsidiary, BMI. These reports can be tailored to your specific needs to ensure that you are getting all of the information you need to accurately assess risk. We can also create company-specific questionnaires to be used company-wide. We will speak with you individually to create the right survey to suit your needs and accomplish your goals. These are fee-based services and prices will vary depending on the length and depth of the report. These custom reports can include information on:
Read MoreTopics: Insurance underwriting, loss cost, Property and Casualty Loss Control, rating bureau, GIS Mapping, Inspections, insurance
WSRB, through its subsidiary Building Metrix, Inc. (BMI), is now offering a General Casualty Report supplement when you order a standard Commercial Property Report with Specific Loss Costs. In response to interest expressed by you, our customers, our new General Casualty Report includes information on casualty hazards, premises conditions and upgrades, crime and security, housekeeping, and more, for the low fee of $75. We can also provide you with answers to specific questions that you may have about the property.
Read MoreTopics: Insurance underwriting, loss cost, Property and Casualty Loss Control, rating bureau, GIS Mapping, Inspections, insurance
The insurance inspector (aka: field representative, loss control/prevention engineer) is part reporter, part technical consultant, and part educator. Their inspection should produce the following:
a) An identification of hazards with the potential to lead to or contribute to loss,
b) An enhanced outlook toward loss prevention by those in charge of the insured location, and
c) A record of the findings and actions resulting from the inspection.
Read MoreTopics: Insurance underwriting, Property and Casualty Loss Control, rating bureau, GIS Mapping, Inspections, insurance, Insurance loss cost inspections
