Ironshore Inc. is targeting the transportation sector with a new series of coverage endorsements. Valen Analytics launched a new risk score for commercial auto insurance.
Ironshore Inc. said its Specialty Casualty Transportation unit launched a new collection of endorsements that would enhance coverage for the transportation sector.
The new endorsements are dubbed TransitProtect Plus, and they’re designed for businesses including manufacturers and distributors of automobiles, commercial vehicles, recreational motor vehicles and watercraft, and railroad equipment.
Coverage is underwritten on a primary basis with up to $5 million in limits on an occurrence or claims-made basis.
Among the enhancements: extensions for additional insureds and vendors, limited professional liability, garage keepers legal liability, and lot or batch coverages.
Valen Analytics is coming out with a risk score for commercial auto insurance.
The property/casualty insurance data, analytics and predictive modeling company said the risk score will work within its InsureRight platform.
Valen pitches the product and its related predictive models as giving underwriters more visibility into risk selection and pricing, as well as providing detailed explanation of the risk quality with each policy.
According to Valen, the commercial auto risk score leverages a data consortium with $2.5 billion in premium and $1.7 billion in claims, and it’s custom built for insurers based on their portfolio and unique business strategy.
As constructed, the commercial auto data consortium includes recent and detailed policy, plus vehicle and claims data from 2005-2015. Other elements include regional demographic characteristics, safety and fitness electronic records, inspection and crash information, vehicle size, trailer units and unit age. As well, 47 distinct garaging states are represented including local, intermediate and long driving distances.
Sources: Ironshore, Valen Analytics