Machines | Commercial Lines Insurance Rating for Inland Marine

Inland marine insurance generally provides coverage for goods in transit, instrumentalities of transportation (such as bridges, roads, and piers), instrumentalities of communication (such as television and radio towers) and projects under construction, among others. It involves coverage for risks that are unique in nature and change frequently. This is clearly illustrated, for example, in inland marine construction classes, such as builder's risk, contractor's equipment, and installation floaters. A building under construction is in a different stage of completion at the end of a day's work than when work started first thing in the morning. The same applies to accounts receivable and electronic data processing, two forms of intangible coverage that are constantly in flux. Inland marine coverages cover hundreds of exposures and the policies can be highly complex, requiring the expertise of an MGA, program administrator, or insurer that specializes in this area for the specific industries for which they provide insurance. The commercial lines rating process for these types of policies is also complex with specific rules and regulations. There are filed and non-filed classes. Filed (controlled) classes must be written according to filed forms, rules and rates. Some states let insurers modify their rates through consent-to-rate procedures. The underwriter will obtain the insured's written consent to a rate or form change and files the consent with the state insurance department. Non-filed (non-controlled) classes offer underwriters greater flexibility to determine policy provisions and rates, and let them respond better to customers' needs. Underwriters can use judgment rating on non-filed classes to rate each risk individually, relying on the underwriter's experience and expertise. NetRate's commercial lines insurance rating package accommodates inland marine insurance and provides the flexibility and customization needed to address the different coverages for the classes of business that program administrators, MGAs, and insurance carriers offer. We support multi-state policies, class-rated and special property classes, multiple building and location policies, and much more. To learn more about our rating product, please call us at: (855) 471-1657. http://www.netrate.com/commercial-lines-insurance-rating-for-inland-marine