LineSlip Announces True Replacement Cost Feature to Address Stale Replacement Cost Assumptions and Associated Problems
The additional feature provides real-time data to arm risk professionals with more accurate exposure values
NEW YORK, July 31, 2023 (GLOBE NEWSWIRE) — LineSlip Solutions, an award-winning SaaS provider that uses AI to convert commercial insurance documents into insurance intelligence, announced its latest feature — True Replacement Cost — an addition to its real estate offering. The new integration provides trusted, accurate replacement cost data for clients managing insurance for commercial properties.
“Inflation has materially driven building/replacement costs up,” said Leo Bernstein, Founder & CEO at LineSlip Solutions. “As a result, many insureds are underinsured. Updating and validating insurable property values has never been more important. In response, LineSlip is pleased to introduce True Replacement Cost.”
The True Replacement Cost feature ensures the accuracy of replacement cost assumptions, helping commercial property owners avoid co-insurance penalties from carriers and maintain an appropriate coverage-to-exposure ratio. The feature proactively monitors inflation related to building costs, so property insurance coverage can be adjusted accordingly, safeguarding against being over or underinsured.
The new addition to LineSlip Real Estate directly accesses up-to-date replacement cost data. This data is derived from real-time feedback from numerous economic sources, including contractors, claims adjusters, material and labor cost surveys, and the annual analysis of millions of actual damage repair estimates. Seventy-five percent of property underwriters at commercial insurance carriers rely on the same data set, which arms risk professionals in their negotiations with their carrier partners.
Key True Replacement Cost feature benefits include:
- A comprehensive replacement cost model with verified data in the event of a loss, updated at renewals.
- Providing reconstruction costs based on local and regional data analysis.
- Insurance professionals can stay abreast of cost fluctuations in their commercial property exposure values as well as identify where a commercial real estate portfolio may be underinsured.
“If you ask any property insurance professional, they’ll agree that reporting replacement cost values given current economic conditions has become more complex and uncertain,” said Jim Presmanes, Vice President of Risk Management and Insurance at Havertys. “Underwriters are viewing SOVs with a much closer eye as asset values increase along with increasing hazards. By reducing underwriter uncertainty, True Replacement Cost will provide an insured with the credibility needed to better negotiate premiums and achieve a more favorable result.”
The True Replacement Cost feature is available to all new and existing LineSlip Real Estate customers. To learn more, visit www.lineslipsolutions.com/real-estate.
About LineSlip
LineSlip Solutions is an award-winning SaaS company bringing the digital revolution to the risk and insurance world. Its innovative Commercial Insurance Risk Intelligence (CIRI) software converts program documents to data-rich dashboards, giving risk executives instant access to the information they need to stay empowered and effective. This cloud-hosted solution enables faster reporting, clearer stakeholder communication, fewer errors and more capacity for strategic leadership.
Media Contact:
Alana Bannan
Matter Communications
360-975-1812
lineslip@matternow.com
