UW Note/RA
What does C.O.P.E stand for?
Construction, Occupancy, Protection, Exposure
What is our minimum property deductible for a Gas Station?
$1,000
*see "Deductibles - Property"
What is the price per square foot for a Barn that is valued at $100,000 with 5,000 sqft?
$20/sqft
When do we need further underwriting documentation for Betterview Results?
When Betterview score is "Yellow" or "Red"
What is our suggested rate for a Garden and Nursery Store that has a sprinklered, frame building located in protection class 3.
$0.10
*see "Property Premium Guide"
What is the building rate of a Campground Bathroom valued at $150,000 and paying a premium of $480 for the building.
$0.32
= [Building premium/(building value/100)]
When should the following items see updates:
Electric?
Heat?
Plumbing?
Roof?
Electric - 25 years
Heat - 30 years
Plumbing - 45 years
Roof - 25 years
Wind/Hail Deductibles are required on which BCCs?
Dwellings, Warehouses, Hotel/Motel, Apartments, Condos, Townhouses, LRO - Hotels.
(337,338,339, 1046, 1236, 1237,1394, 1395, 1396, 1397, 1398, 1399, 1400, 1401, 1402, 1411)
*see "Windstorm or Hail Guidelines"
A dwelling has a partial loss of $100,000. It is insured at a limit of $200,000, with 80% coinsurance and $500 deductible. The value of the building is actually $300,000. How much will we pay for the loss?
$82,833
= [Amount of loss x (limit of insurance/limits of insurance required)] - deductible
What sort of valuation documentation should be placed in your notes?
ITV
TIV
Building rate
What sorts of buildings are ineligible for Earthquake Coverage?
On historical registry, on a slope more than 30 degrees, older than 1950, over 3 stories, modular/mobile homes.
*see "Earthquake Guidelines"
Location 1, Building 1 Valuation: Replacement cost. Coinsurance: 80%. Duck Creek Limit: $500,000. Core Logic Limit: $1,750,000.
What is the valuation difference?
71.4%;
This building would flag for underinsurance.
At what value do we require "one risk" documentation?
$4M; $35M requires even further documentation and underwriting.
What percentage would we use to rate for business income ALS for an Aerospace Product and Parts risk?
30.8%
*see "Business Income Exposure Guide"
Great Job! I don't have a question for this one :)
Happy Thursday!