List the main factors, an Insurance Company underwriter considers when assessing the fire insurance premium?

Question

List the main factors, that an Insurance Company underwriter considers when he assesses the fire insurance premium for a particular building

Answer 1

The construction of the property,
the occupation of the property, whether domestic or commercial and if commercial any heat work done in the building.
The age of the electrics
Postcode
Claims History
The Sum Insured. Every buildings rate is done per mille or per cent on the sum insured.
Is the property listed
Time taken to rebuild
Fire walls in the internal structure
Proximity of the fire brigade possibly
Sprinkler system
Floor construction between storeys i.e. timber or concrete

Answer 2

Well, Technically, all of the answers provided above are correct. Also every fire department has a protection class rating, that rates the fire station on equipment, training of the firefighters and an overall rating of effectiveness.

That along with everything above will determine which rating category the building will fall into for premium classification.

Actuaries squeeze every conceivable variable to come up with these ratings for premium and acceptance or denial of assuming a particular risk.

Answer 3

Water availability for Fire Suppression Needs, Fire Department Capabilities ( Fire Suppression Rating ), Building Access, Building Built in Protection ( Sprinklers and Alarms ). Proper construction to code and Building Occupancy type and Construction type.

Answer 4

Underwriters actually for the most part just plug in the rating factors to get the rate, then look at management, occupancy, overall account size, and claims history to modify the standard rate upwards or downwards.

Answer 5

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Answer 6

Factors include:replacement cost of the structure, type of construction (brick,frame,other),proximity to fire dept,availablity of water (hydrant), protective devices (smoke alarms,sprinklers,kidde system (for restaurants), quality/age of electrical & heating systems, general condition/maintenace & upkeep of building, and past experience in that area.

Usage of the building is also a big factor for commercial buildings.

Answer 7

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Answer 8

Their claims history in your area, proximity to fire stations/hydrants, age of your building....are some of the main ones. What is happening to property values also enters into the picture, and what kind of structures are near you.