Is there a database similar to Verisk that focuses on commercial property and casualty insurance? I’m looking for information on EIFS (Exterior Insulation and Finish Systems) for some properties.
As mentioned in the title, I’m new to the commercial property insurance sector and currently working in Florida. When I fill out a statement of values, the Offering Memorandums often lack data on EIFS, which forces me to reach out to the property owner or an inspector for input. Is there a resource available, like Verisk, that provides this kind of information? I’ve noticed that permit databases typically don’t include these details.
I’m also curious how insurers can complete a Statement of Values for a property without this crucial information filled in.
Welcome to the commercial property insurance market! It can indeed be challenging to find specific information like EIFS data for properties. While Verisk is a leading resource for property and casualty insurance data, there are a few other options you might consider for commercial properties:
CoreLogic: They offer data and analytics for property risk, including building materials and construction details that might include EIFS information.
Zywave: This platform provides commercial property data, and while it might not be as comprehensive, it can be useful for certain types of information.
ISO Commercial Property Program: The Insurance Services Office (ISO) also has guidelines and data that might help you gauge the risk associated with properties that use EIFS.
Local Building Departments: Even if permits don’t explicitly list EIFS, sometimes building plans or inspection reports may be accessible. It could be worth checking with them directly.
Third-Party Assessors: Engaging a property risk consultant or forensic engineer could provide you with insight into the use of EIFS on specific properties.
For your last question about completing a Statement of Values (SOV) without this information, insurers often rely on a combination of information sources, including what the property owner provides, property assessments, and their own underwriting guidelines. It can be a bit of a challenge when detailed data is unavailable, but relying on expertise from inspectors can help fill in gaps. Ultimately, it’s about balancing the insurer’s risk appetite with the available information.
I hope this helps! Good luck navigating the landscape!