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Important Changes to the WSRB Risk Search Tool

April 21, 2013

Risk Search Tool

 

WSRB has revised the Washington commercial property loss costs in conjunction with the introduction of limit of insurance (LOI) relativities for Basic Group I, Basic Group II, Broad Form, and Special Causes of Loss property damage coverages. Several other rating factor changes and rule revisions were also included in the filing package to supplement the introduction of LOI relativities. These revisions, which we filed on behalf of our subscribers in filing #CF-2012-RLC09 and CF-2012-RRU09, apply to all policies effective on or after July 1, 2013, and can be found in the Members Page Compliance Filing Library on our website.

Up until now, commercial property loss costs have used a linear approach, where the loss cost per $100 of insurance is the same regardless of the LOI selected.  Under the new approach, LOI relativity factors are applied to a base loss cost in order to determine the loss cost at the limit selected. This rating method is currently used for homeowners and businessowners insurance and has been for some time, but it has taken longer to implement LOI relativities for commercial property insurance. In order to introduce the LOI rating approach on a revenue-neutral basis, off-balance factors were applied to the current, non-LOI loss costs. No experience review adjustments were applied to the loss costs.

WSRB is making the revised loss costs available on our website Risk Search tool this week to allow sufficient lead time for insurers writing new policies or renewals with an effective date of July 1st and later. These loss costs are balanced and ready for use with the LOI factors that are to be applied separately.

For more information read our How-to guide.

Please feel free to contact our customer service representatives with any questions or concerns at 206-217-0101, 8:00 am – 4:30 pm, Monday through Friday.

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