FAQ ID # 274 - I am trying to rate non residential wind only. Bldg value, $1,500,000, Cnts Value of $74,700. I have entered insured limit of Bldg at $950,000 & cnts at $50,000. Why am I getting the error -"For first loss rating the building amount of insurance must be less than 80% of the value. $950,000 is definitely 80% less of $1,500,000.

FAQ ID # 274

Last Update : 2011/07/07
Rating : Not Rated

Question / Issue

I am trying to rate non residential wind only. Bldg value, $1,500,000, Cnts Value of $74,700. I have entered insured limit of Bldg at $950,000 & cnts at $50,000. Why am I getting the error -"For first loss rating the building amount of insurance must be less than 80% of the value. $950,000 is definitely 80% less of $1,500,000.

Answer / Solution

Below is how you would enter this risk for the building and contents:

Direct Link to This FAQ

http://www.itcdataservices.com/support/trfaq/?f=274

Tags

first loss rating example