For years, paper-based processing for a commercial insurance policy has made it exceedingly difficult to assess risk and issue accurately priced coverage. Moreover, many insurers and reinsurers have had a hard time fully analyzing client data due to the lack of disclosure by the client.But Schaumburg, Ill.-based Zurich North America launched in February a Web-based solution-called the Business Interruption Coverage calculator-which will be an integral part of its underwriting procedure for business interruption coverage.
The calculator enables Zurich to better assess a company's risk to more accurately price coverage. Zurich does this by conducting a top-to-bottom audit of a client's revenue valuations; then, with valuations established, Zurich collaborates with the client to develop a contingency plan that will enable it to restore order to its business faster than anticipated.
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