How to Understand Commercial Property Underwriting & COPE - IIABA
Wednesday, September 22, 2021
2:00 PM - 4:00 PM
Today's commercial property underwriters use the same information their predecessors used nearly 400 years ago:
Combined, these four elements are known as "COPE underwriting."
There is no "magic" to commercial property underwriting. The "magic" is in knowing how these four key elements direct the property underwriter's decision one, to extend coverage, and two, how to price the property. Join us as we detail all four parts of COPE:
Construction: Do you want to know how to determine the proper construction class (1-6); why square footage matters; and how age affects the underwriting decision? Don't miss this class. (We will also discuss mixed-construction issues this is worth the price of admission.)
Occupancy: You will learn why HOW the insured does what they do matters more than what they do.
Protection: You will learn the basics of sprinkler systems, fire extinguishers, alarm systems, fire doors and fire walls and public fire protection, and how each affect the pricing.
Exposure: We discuss the external factors that affect the insured property. Many agents forget this part but knowing how to paint the proper exposure picture helps your underwriter, your client, and ultimately you.