In a recent bulletin, the Delaware Insurance Commissioner has been alerted that there have been errors reporting the geographic allocation of premium for fire taxes. One of the biggest factors was basing the allocation of premiums on zip codes, which can cross county lines and leads to inaccurate reporting. RiskMeter uses state-of-the-
The Delaware Department of Insurance has now instructed Property & Casualty insurers that they must use electronic GIS software to accurately allocate and report premiums written on risks in Delaware.
Despite best intentions, assigning policies to the wrong tax jurisdictions has been a major issue for insurers who write business in Delaware and other states as well. RiskMeter has automated this process and by simply typing in an address or uploading a book of business, RiskMeter can assign the proper jurisdiction to each policy. The same service is offered in all states where premium taxes must be allocated, including FL, KY, NY, etc.
For more information about RiskMeter’s premium tax services, please contact Dan Munson, Founder, RiskMeter Online at 617.737.4444 or dmunson@cdsys.com
About RiskMeter.com
RiskMeter Online is used by underwriters and agents to automate property lookups. This Web-based solution utilizes Internet mapping technology to enable underwriters to determine the proximity to natural hazards for any property in the Unites States. It’s far more accurate and faster than any other method for determining property risk, and can save underwriters considerable time and money. The RiskMeter Online provides over 30 real-time reports, including Distance to Coast, FEMA Flood Zones, Rating Territories, Windpool Eligibility, EQECAT Data & Analytics, Individual AAL & PML Reports, Earthquake information and much more.
