Who is Verisk and Why Should I Care?

Your insurance company may request that Verisk, formerly ISO, come out to your property and conduct a survey to establish the base loss costs for your property. While many carriers say they do not use the Verisk loss costs, they do use the data collected during this process. Inaccurate data can lead to incorrect construction classifications and no sprinkler credits given. This information will persist until another insurance company orders and pays for a new survey. Your property insurance premiums can be affected by the bad information for years.

Preparing for a Verisk Rate Survey

Verisk will call and request an appointment. If you do not return the call or schedule the appointment, they will cancel the survey. The requesting company will be notified that you declined to schedule the survey. This may not be in your best interest.

When the representative arrives, it is essential that you have the right materials immediately at hand. The following should be assembled for review by the Verisk representative. Have all materials ready to show to the representative.

Building Construction Documentation

• Code Summary Page from the construction drawings – Will have square footage, construction type and indication of fire resistance ratings on structural members

  • If you do not have building plans, have this information assembled and ready to share

  • If built in stages, have ages of each addition, square footage of each

• Site plan showing building, and underground water supply for sprinklers

• Exterior wall construction – materials and cut sheets for siding or other cladding materials besides masonry or wood. Is the exterior cladding combustible?

• Roof structural supports and roof covering – cut sheet on roofing materials – any fire resistance rating for the roof structure or covering?

• Floor construction – any fire rated construction on floor/ceiling assemblies?

• Vertical openings – fire ratings on any vertical opening shafts and doors

• Diagram showing location of fire rated walls.

  • Can reduce ratable area of building. Details on wall construction, door ratings – identify if fire walls terminate against noncombustible or masonry ceilings.

• Is the attic space combustible? Any use besides joist channels? If so, are the sprinklers installed? Is the attic area subdivided in any fashion.

• Any interior finishes that would be considered combustible finishes?

Sprinkler System Documentation

• Copy of sprinkler system plans – including specific data on the sprinkler heads used

• Copy of hydraulic calculations including water supply data

  • Be sure the placard is up to date on the riser

• Fire department connection provided, caps in place

• Documented water flow alarm – local if not monitored by remote station or better alarm service

• Copy of Underground Testing and Flushing certificate

• Copy of Aboveground testing certificate

• 2” drain test results – have tags on the riser or hard copy inspection reports

• Documentation of any five-year testing done on your sprinkler system

Why bother with all of this?

Insurance is driven by data. If you do not provide the correct information when given the chance, the default values used by the insurance industry are values that generate the highest premiums. Verisk loss costs may not be the basis of your rate, but the data gathered during this process is used across the industry. Having your noncombustible building rated as frame from lack of information about the insulated panels will persist and cost you money. Lack of sprinkler system information will have your building listed as being non-sprinklered. Having the right information ready for the representative of Verisk will prevent this from happening.

The Driehaus Difference

We clearly understand this process and how to get the best result for our clients. We have helped numerous clients correct data errors and allow them to reap the benefits of accurate property rating information. This is more than just shopping your insurance program. It is managing your insurance program. Call 513-977-6860 or reach us via our website, www.driehausins.com . We want to be your insurance provider.