Hello: This is the comment I was referring to on responsibility of determining the age of a roof. Please let me know any statues or case histories on responsibility of the agent to determine the age of a roof, also responsibility of the agent to take action or make recommendations to the homeowner who does not know the age of their roof and has specifically asked for a Replacement Value Policy. Thank you,
Data validation becomes increasingly important when starting down the path of ACV. When a carrier underwrites or rates on roof characteristics, it falls to the underwriter to verify the accuracy of those particular claimed roof characteristics. As an example of just how bad some of the roof characteristics can be, “BuildFax conducted a study on several million policies and found homeowner-supplied roof age to be as accurate as a random number generator. This is the very essence of the “garbage in = garbage out” adage – if a carrier cannot have confidence in the veracity of the supplied roof characteristics, then the ACV strategy will fail.”
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Hello: This is the comment I was referring to on responsibility of determining the age of a roof. Please let me know any statues or case histories on responsibility of the agent to determine the age of a roof, also responsibility of the agent to take action or make recommendations to the homeowner who does not know the age of their roof and has specifically asked for a Replacement Value Policy. Thank you,
Data validation becomes increasingly important when starting down the path of ACV. When a carrier underwrites or rates on roof characteristics, it falls to the underwriter to verify the accuracy of those particular claimed roof characteristics. As an example of just how bad some of the roof characteristics can be, “BuildFax conducted a study on several million policies and found homeowner-supplied roof age to be as accurate as a random number generator. This is the very essence of the “garbage in = garbage out” adage – if a carrier cannot have confidence in the veracity of the supplied roof characteristics, then the ACV strategy will fail.”