ISO Introduces Optional Endorsement for Damage to Underground Utility Lines
July 16 2020 - 10:04AM
ISO, a Verisk (Nasdaq:VRSK) business, has launched a new
homeowners endorsement to address damage to underground utility
lines, a risk that isn’t always handled by municipalities or
covered in standard homeowners insurance policies.
The new endorsement for the ISO Homeowners Program can be used
to provide coverage related to underground pipes, wires, and some
buried equipment from a range of causes, including explosions, tree
root growth, and wear and tear.
“Claims arising from buried utilities often come as a surprise
because deterioration is hidden until a loss of service occurs,”
said Doug Caccese, president of ISO Personal Lines. “Excavating the
line, fixing or replacing it, and repairing related damage can cost
thousands of dollars. Our new endorsement is the kind of
value-added enhancement that many consumers are looking for in
today’s competitive homeowners market and that our insurer
customers can now offer.”
In addition to direct costs covered by the endorsement,
policyholders also can be covered for some additional living
expenses while their property is uninhabitable, as well as for loss
of rental income.
To complement the endorsement, ISO is also introducing
associated rules and loss costs, leveraging its deep knowledge and
experience in the development of coverage and actuarially sound
pricing designed to conform with applicable regulatory
requirements. ISO began the state-by-state filing process for this
new endorsement in June 2020.
To learn more about ISO’s new homeowners endorsement for
underground utility lines, visit
https://www.verisk.com/insurance/capabilities/underwriting/personal-property/forms-loss-costs-and-statistical-reporting/.
About ISO ISO, a Verisk (Nasdaq:VRSK) business,
is a leading provider of advanced tools and analytics for the
property/casualty insurance industry. Drawing on unique data assets
and deep domain expertise, ISO products and services help insurers
underwrite and price risks with greater precision and efficiency
and manage claims more effectively across the spectrum of
commercial and personal lines of insurance. For nearly 50 years,
ISO has been a leader in developing innovative solutions and
working with multiple stakeholders in the property/casualty
insurance marketplace, including insurers, reinsurers, third-party
administrators, agents and brokers, insurance regulators, and risk
managers. For more information, please visit
www.verisk.com/iso.
Contact:
Joe Madden Verisk Public Relations 201-232-4486
Joseph.Madden@verisk.com
Brett Garrison Edelman (for Verisk) 917-639-4903
Brett.Garrison@edelman.com
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