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Heritage Bundles Verisk's LOCATION Suite to Provide Risk Management

Staff Writer | October 02, 2015

Verisk Insurance Solutions announces that Heritage Property & Casualty Insurance Company is integrating the LOCATION suite of services into its underwriting workflow. LOCATION provides insurers property-specific risk assessment data that can help in making underwriting decisions.

"Heritage is rooted in strong risk management to provide our policyholders with the highest-quality insurance at competitive rates," says Ernie Garateix, chief operating officer at Heritage. "The Verisk LOCATION suite provides us with the risk data we need to assess both catastrophe and non-catastrophe risk to make sound underwriting decisions and ultimately build an optimal portfolio."

To assess the non-catastrophe portion of a policy, Heritage uses the LOCATION Public Protection Classification Premium Tax, and Sinkhole Services. LOCATION PPC provides Heritage an assessment of the fire mitigation capabilities of the community in which the property is located.

This information, combined with the proximity of the property to the nearest primary responding fire station and credible water source, is the basis of the PPC code. Heritage also uses Future Effective PPC, which captures future changes to a community's PPC to make sure properties are properly rated through the life of the policy.

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