In the insurance industry, risk is defined as “the possibility of loss.” There is no risk if there's no possibility of loss. Conversely, if loss is a certainty then, again, there is no risk.
Having a residential inspection done has long been part and parcel of the homeowner's insurance policy underwriting process. The past few years have seen significant improvements in the way these inspections are being done, leading to higher efficiency and more cost effectiveness.
As a property insurer, your dual purpose is to provide your clients with the coverage they need to protect their property and to do it at a cost that fits within their budgets. To do this, an important part of the underwriting process is a comprehensive property inspection to determine the nature of the insurance risk you'll be underwriting with each new policy. Inspections may also come into play at renewal time.
Residential and commercial insurance inspections have typically been a time-consuming, data-driven process that required a boots-on-the-ground approach to uncover the information needed to provide an accurate insurance risk assessment. Inspections are a critical part of the insurance underwriting process and recently developing inspection technology continues to help this process evolve into something that's more accurate, faster and more cost-effective to you, the insurer.
Insurance risk is something that, as a property insurance underwriter, you deal with on a continual basis. While the risks may change from one property to the next, all risk cannot be eliminated and the amount of risk exhibited by a potential policyholder will be the major determining factor in deciding whether a policy should be issued and, if so, how much to charge for the coverage put into place.
A commercial inspection may be considered for a number of purposes, but always the underlying reasons are:
As a property insurer, when hiring a property inspection outfit you want someone who's reliable, thorough, honest, fully qualified and certified and able to complete the job in a timely fashion. Insurance Risk Services (IRS) has been providing high-quality property inspection field services for nearly four decades, since 1984, and demonstrates all of the above listed traits. With services available nationwide, when you need a quality property inspection, you need look no further than the IRS.
To an insurance underwriter, insurance risk is something that needs to be accurately calculated in order to determine the correct charge for the coverage being offered to a prospective policyholder. Although insurance risk should be avoided where possible, it's impossible to completely eliminate it. There are, however, several ways for you to manage risks, bringing them to an acceptable level that makes sense for you to offer insurance protection.
In an effort to continually help our property insurance partners make the most reliable, informed decisions regarding the underwriting process, Insurance Risk Services regularly reviews, tests and implements the latest available property inspection technology to remain on the leading edge of the technology curve. This inspection technology includes a number of digital devices unheard of in the property inspection business not so long ago, including:
A professional commercial inspection of a property for insurance company purposes includes three distinct steps: