ISO Expands Commercial Property Classifications
13 Nov, 2012
ISO announced new classifications to its commercial property program to account for the emergence of alternative energy sources. ISO is a member of the Verisk Insurance Solutions group at Verisk Analytics (Nasdaq:VRSK).
In response to the growing demand for alternative energy, ISO is introducing classifications and associated rating information for risks in three main areas: electric vehicle charging stations, solar panel arrays, and wind turbines.
"We're committed to making program changes that add value through innovation for our customers, and we continually monitor the technological, societal, and business environments for new developments in managing risk," said Beth Fitzgerald, senior vice president of ISO's Insurance Programs and Analytic Services division. "Environmental issues are becoming increasingly important to businesses of all types and sizes, leading to an increase in the use of alternative energy technologies."
"Whether spurred by the availability of tax credits and subsidies, the call for North American energy independence, or a desire to reduce their carbon footprint, environmentally conscious corporations are constructing or retrofitting their campuses with alternative energy sources, including solar panels and wind turbines," said Fitzgerald. "And the growing popularity of electric and hybrid vehicles has presented companies with the opportunity to install charging stations as a benefit to their clients and employees."
The property classifications complement similar classifications ISO introduced last year for the commercial general liability line of business. "As alternative energy technologies grow in importance, it's critical that we not only provide our customers with appropriate information on the current cost of risk but that we begin to accumulate data to enable future evaluation of the risk from both the first-party property perspective as well as third-party liability," added Fitzgerald.
The new ISO classifications and rating manual has a planned April 2013 effective date.
Since 1971, ISO has been a leading source of information about property/casualty insurance risk. For a broad spectrum of commercial and personal lines of insurance, the company provides statistical, actuarial, underwriting, and claims information; policy language; information about specific locations; fraud identification tools; and technical services. ISO serves insurers, reinsurers, agents and brokers, insurance regulators, risk managers, and other participants in the property/casualty insurance marketplace. ISO is a member of the Verisk Insurance Solutions group at Verisk Analytics (Nasdaq:VRSK). For more information, visit www.iso.com and www.verisk.com.