FAQ ID # 45

ItcDataServices.com

Last Update : 2009/09/03
Rating : Not Rated
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Question / Issue
What is "Other Building" Policy Type used for in Multi-Peril?

Answer / Solution

"Other Building" Policy Type:

  1. This is selected when you want to use Specific Loss cost rating on building and contents.
  2. With Specific Loss Cost  rating, you will enter the factor that you've obtained from ISO for the Group I base rate.
    • You will enter this factor in the Specific Loss Cost (Building) and Specific Loss Cost (Contents) entry fields.
    • These fields will only be accessible when "Other Building" Policy Type is selected.
  3. One other field will become available with this policy type only: Is Condo? 
    • If you select Yes, the Group II base rate will be come from the RESIDENTIAL CONDOMINIUMS BUILDING CLASS RATES –  GROUP II table and the RESIDENTIAL CONDOMINIUMS CONTENTS CLASS RATES – GROUP II table.
    • If you select No, the Group II building base rate will come from the APARTMENTS and HOMEOWNER ASSOCIATIONS BUILDING CLASS RATES -Group II table and the APARTMENTS and HOMEOWNER ASSOCIATIONS CONTENTS CLASS RATES -Group II table.
  4. Next to the Specific Loss Cost (Building) entry field there is a blue circle with a white ?.  You can click this to obtain the  ISO commercial lines phone number to obtain the factors.

Attachments
Other Building Specific Loss Cost Rating.pdf (35.7Kb)
Specific Loss Cost shown in rate calculation.pdf (28.1Kb)


Direct Link to This FAQ
http://www.itcdataservices.com/support/trfaq/?f=45

Tags
Other building specific loss cost rating
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