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Rates and Rules Support Delivered Over One Hundred Days Ahead of Effective Date
Naperville, IL, June 6, 2011 – Instec, a leading provider of software and services to the Commercial Property and Casualty insurance industry, announced inclusion of ISO’s revision to the Businessowners Multistate Rules, which contains the introduction of separate Building and Business Personal Property Relativities.
In conjunction with supporting separate Building and Business Personal Property Relativities for the Businessowners Multistate Rules, Instec’s quicksolver 3 also includes revisions for:
- Liability Relativities
- Increased Limit Factors
- Rate Number Relativities
- Construction Relativities
- Public Protection (Fire) Classification Relativities
- Sprinklered Factors
- Loss Costs
State adoptions were implemented with an ISO Effective date of August 1, 2011. Instec delivered these changes to clients on April 15, 2011, which was 105 days prior to the effective date.
Additionally, Instec also released the ISO General Liability Multistate revisions to support new alternative energy and nanotechnology classifications. Instec’s support for the ISO General Liability Multistate Classification Table revisions includes new alternative energy and nanotechnology classifications. These were implemented with an ISO effective date of September 1, 2011. Instec delivered these revisions on April 15, 2011, which is 108 days prior to the effective date.
“We’re a long-standing ISO partner, and we make sure our clients receive the updated rates, rules, and forms so they have lead time to analyze the impact on their book of business and ensure their compliance,” said Kevin Mason, VP of Product Development and Maintenance for Instec.
About Instec
Instec is a leading provider of software and services to the Commercial Property and Casualty insurance industry. Founded in 1982, Instec’s flagship product, quicksolver, is a best-of-breed rating and policy administration solution that supports the full lifecycle for all major lines of business, in all 50 states, and with native bureau rate, rules, forms, and statistical content. As a Microsoft Gold Certified Partner, Instec delivers insurance software solutions that enable our clients to drive competitive advantages in rating, issuing, and reporting to maximize profitability. For more information, visit http://www.instec-corp.com
Media Contact
Carey Straetz
Instec
cstraetz@instec-corp.com
630.799.6485
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