FAQ ID # 90 - I am trying to rate a Commercial Wind Only Builders Risk quote in TurboRater and I am getting the following error: " Combined coverage exceeds $1,000,000 Maximum Allowed for commercial policy forms". The limit of the building is $2,700,000. Per the manual, it states I may need to manually rate this with the First Loss rules. Is this correct? And what do I need to do to do this??

FAQ ID # 90

Last Update : 2009/09/03
Rating : Not Rated

Question / Issue

I am trying to rate a Commercial Wind Only Builders Risk quote in TurboRater and I am getting the following error: " Combined coverage exceeds $1,000,000 Maximum Allowed for commercial policy forms". The limit of the building is $2,700,000. Per the manual, it states I may need to manually rate this with the First Loss rules. Is this correct? And what do I need to do to do this??

Answer / Solution

If the building is a Commercial Non-Residential then yes, it would need to be First Loss rated. What you will need to do is enter the $2,700,000 value in the "Building Value" entry field. Then in the "Building Amount of Insurance field" enter $1,000,000 (the max limit that Citizens will insure on the risk). You will then see the Co-insurance prompt change to: "Co-insurance not applicable (First Loss).

Direct Link to This FAQ

http://www.itcdataservices.com/support/trfaq/?f=90

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