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 ISO's Loss Cost Quote Report — available through the SPI Plus® system — gives you loss costs for about 3.4 million specifically rated and class-rated commercial properties in ISO's property information database.
Our core expertise is surveying and evaluating higher-valued commercial properties. We incorporate the latest industry loss experience to develop loss costs tailored to the conditions we find. And we know what to look for when examining a building's construction, hazards, public and private fire protection, occupancy, and other exposures.
The value of loss costs for commercial properties
ISO uses the Specific Commercial Property Evaluation Schedule (SCOPES) to develop specific loss costs. SCOPES provides many unique features:
- a nationally recognized method of evaluating potential losses through the interaction of key variables, such as construction, hazards, private and public protection, and occupancy
- a sophisticated analysis of the causes of and contributors to potential property losses
- use of nationally recognized safety standards — such as those of the National Fire Protection Association — and product listings of recognized testing organizations like Underwriters Laboratories
- the latest industry loss experience
With an ISO Loss Cost Quote Report, you can see where SCOPES deficiency points apply, so you can encourage the business owner to reduce the hazards. And you can improve your bottom line by offering pricing incentives for protection features, such as automatic fire-detection and fire-suppression systems, portable fire extinguishers, standpipe systems, and watchman services.
Your Loss Cost Quote Report includes:
- Experience Level Adjustment (ELA) factors
The ELA reflects increasing or decreasing industry loss experience for each of the major statistical classifications in each state. The Loss Cost Quote Report gives you the current loss costs first. But if your company hasn't adopted the most recent ELA, you can choose the appropriate prior one from a drop-down menu. You'll find up to seven prior levels, and the system adjusts the loss cost to reflect the ELA you select.
- Limit of Insurance (LOI)
LOI curves provide varying loss costs (per $100 of insured value) as the limit of insurance changes. LOI rating reflects the need to vary the rate depending on the actual limit selected.
- Basic Group I (BGI) loss costs
BGI perils include fire, lightning, explosion, vandalism, and sprinkler leakage. The report displays loss costs for the building and its occupants.
- Basic Group II (BGII) and Enhanced BGII loss costs
BGII perils include windstorm or hail, smoke, aircraft or vehicle, riot or civil commotion, sinkhole collapse, and volcanic action. The report displays the ISO loss costs for the building and its occupants, in addition to the BGII Rating Group symbol. In areas where wind is a serious peril, the enhanced BGII provides an engineering-based loss cost that better reflects a building's exposure to wind losses.
- Protective Safeguard Clause
The Protective Safeguard Clause highlights which (if any) protective features have received credit in the BGI loss cost and which you should include in the Protective Safeguard Endorsement.
- Commercial Statistical Plan (CSP) codes
The CSP codes help you properly record the required statistical codes.
- BGI RCP (Rating Plan/BGI Construction Class/Protection) code
The BGI RCP code identifies how the building is rated, the ISO construction class, and the two-digit Public Protection Classification (PPC) code of 01 to 10.
- BGII RCB (Rating Plan/BGII Construction Class/BCEGS®classification) code
The BGII RCB code identifies how the building is rated, the building’s BGII construction class, and the two-digit BCEGS classification for the community of 01 to 10 and 99.
Follow the link for a sample Loss Cost Quote Report.
For more information . . .
. . . about ISO's Loss Cost Quote Report — or to get in touch with a sales representative — contact ISO. You can also call us at 1-800-888-4476. |
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