The underwriting a unit of Verisk Analytics announced two updates to the commercial module of 360Value: the addition of 2 million records of property-specific building characteristics and has added the ability to estimate replacement costs for heavy commercial and industrial structures to 360Value, which is a leading replacement cost estimator for residential, commercial, and agricultural properties.
"Innovation is the driving force behind the growth of 360Value," said Scott Amussen, VP of property solutions at Verisk Underwriting. "With our colleagues at Verisk, we introduced commercial property prefill last year. 360Value is still the only replacement cost estimator to provide this capability. However, we knew there was more to offer and dedicated the necessary resources to ensure our clients have access to as much data as possible."
The additional 2 million commercial prefill records were compiled from local tax jurisdictions across the country. According to Verisk, 360Value already included site-verified building characteristics for approximately 3.4 million commercial structures from ProMetrix.
In addition to expanding commercial prefill, 360Value now provides insurers the ability to estimate replacement costs for heavy commercial and industrial buildings, such as hospitals, museums, airport terminals, large manufacturing plants, and other specialized buildings.
