New York Central Mutual Selects 360Value to Estimate Replacement Costs for Commercial Properties
New York Central Mutual (NYCM) has selected 360Value™ (www.360-value.com) to estimate replacement costs for commercial properties throughout the state of New York. Developed by a team from ISO subsidiaries Xactware and AIR Worldwide, 360Value is a web-based replacement-cost estimator that provides reliable and easy-to-calculate replacement-cost estimates for residential, commercial, and agricultural properties. NYCM has been using ISO’s residential replacement-cost estimation solutions since 2004.
“The need to estimate replacement costs reliably has become a high priority as we grow our commercial property portfolio,” said Kathy Bell, vice president for underwriting at NYCM. “Maintaining insurance to value is an important strategic initiative for our underwriting department. We’ve had great success working with ISO to improve the insurance to value of our residential portfolio and plan to place a special emphasis on ITV when writing commercial policies. 360Value will play a critical role in our efforts.”
360Value is ideally suited to estimate replacement costs for the types of commercial properties that NYCM is targeting. These include residential rental properties, small offices, convenience stores, strip malls, and more than 60 other similar commercial structures.
360Value is a true component-based estimating system that uses the property-specific data gathered by the insurer to create a virtual model of the structure and develop a stick-by-stick, brick-by-brick estimate to rebuild the property. 360Value’s sophisticated modeling formulas make this possible even when limited property data is available. Replacement-cost estimates from 360Value are based on building-cost research conducted by a dedicated team of construction experts who continually monitor trends in pricing, building techniques and codes, new products, labor rate fluctuations, and other cost factors at a highly localized level.
About New York Central Mutual
Established in 1899, New York Central Mutual (NYCM) is the largest regional carrier in New York State, with total direct written premiums of more than $515 million. It is the sixth largest writer of homeowners insurance in New York, with an independent agency system of almost 1,000 agents. NYCM’s implementation of ISO HomeValue™ received an A.M. Best E-Fusion Award for underwriting management.
360Value is a web-based replacement-cost estimator developed by a team from ISO subsidiaries Xactware Solutions and AIR Worldwide (AIR). 360Value is a full-featured solution set that is easy to implement and provides insurers with replacement-cost estimates for residential, commercial, and agricultural properties from a single user interface. 360Value estimates are based on building-cost research from Xactware and include a proven cost-modeling methodology from AIR that enables insurers to make replacement-cost estimates with limited property information. 360Value includes the ability to prefill property-specific information for more than 70 million residential structures in the United States. Xactware is the leader in software estimating applications for the property insurance, remodeling, and restoration industries. AIR is the scientific leader and most respected provider of risk-modeling software and consulting services. For more information about 360Value, please visit www.360-value.com.
A leading source of information about risk, ISO provides data, analytics, and decision-support services to professionals in many fields, including insurance, finance, real estate, health services, government, human resources, and risk management. Using advanced technologies to collect, analyze, develop, and deliver information, ISO helps customers evaluate and manage risk. The company draws on vast expertise in actuarial science, insurance coverages, fire protection, fraud prevention, catastrophe and weather risk, predictive modeling, data management, economic forecasting, social and technological trends, and many other fields. To meet the needs of diverse clients, ISO employs an experienced staff of business and technical specialists, analysts, and certified professionals. In the United States and around the world, ISO helps customers protect people, property, and financial assets. For more information, visit www.iso.com.