FAQ ID # 209

ItcDataServices.com

Last Update : 2009/12/09
Rating : Not Rated
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Question / Issue
I am trying to rate a BR but the bldg value is $1,100,000 and for the life of me it willl not rate it. It is saved under Leonard Street, LLC. I got a wrong quote due to I changed the value to $1,000,000. Help!!

Answer / Solution

The minimum building value (if you are only rating a building and no contents) must be $1,250,001 to qualify for first loss (must be less than 80% - Amount of insurance divided by the actual value).  So if you change the Building Value field to this value and the Building Amount of Insurance to $1,000,000 you should get the quote to rate.  You can then, on the app, overwrite the building value with the actual value.

Note:  This will only apply to CNR risks and not CR risks



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http://www.itcdataservices.com/support/trfaq/?f=209

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builder's risk first loss
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