High-Rise Structures Are Among New Commercial Buildings Added to 360Value
Online replacement-cost estimator now supports more than 130 primary use-types
360Value® now supports the ability to estimate replacement costs for all of the most common commercial buildings. This includes apartment and office buildings of more than 30 stories, which were added during the latest 360Value update. Developed by Xactware, an ISO subsidiary, 360Value is a web-based tool that provides replacement-cost estimates for residential, commercial, and agricultural properties. ISO is a subsidiary of Verisk Analytics, Inc. (NASDAQ: VRSK).
Building use-types — which describe the type of business that occupies a building — help determine what building-specific data needs to be entered into 360Value and what data to assume when it is unknown. The new use-types in 360Value were determined by analyzing the use-types of site-inspected buildings by ISO’s Risk Decision Services (RDS) unit, which inspects more than 375,000 commercial buildings a year based on requests from insurers. The 360Value team added the most commonly requested building use-types that were not already included in 360Value.
“In addition to analyzing the RDS records, we worked with our customers to make sure the use-types they need are available in 360Value,” said Scott Amussen, assistant vice president at Xactware, who is responsible for 360Value. “The enhancements we’ve made to 360Value expand our commercial valuation capabilities and enable companies to efficiently get more reliable replacement-cost estimates.”
Insurers can now estimate replacement costs for high-rise office buildings, plus standard and luxury high-rise apartment buildings. To estimate replacement costs effectively for these complex structures, 360Value includes new questions to account for techniques or materials specific to high-rise structures.
Auto dealerships, indoor ice skating rinks, dental clinics, and light manufacturing facilities are among the new commercial use-types added to 360Value in addition to high-rise structures. These additions bring the total number of primary use-types in 360Value to more than 130. For multiuse buildings, individual use-types can be combined to create a wide array of specific commercial structures.
360Value replacement-cost estimates are also available through the ProMetrixTM SPI Plus® online interface.
Xactware Solutions, Inc. (Xactware) is a wholly owned subsidiary of Verisk Analytics specializing in the property insurance, remodeling, and restoration industries. Xactware’s technology tools include software estimating programs for PCs and tablet PCs, as well as powerful online systems for replacement-cost calculations, estimate tracking, and data trending in real time.