Question / Issue |
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What is "Other Building" Policy Type used for in Multi-Peril? |
Answer / Solution |
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"Other Building" Policy Type:
- This is selected when you want to use Specific Loss cost rating on building and contents.
- 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.
- 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.
- 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.
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