NYCM Selects 360Value

Edmeston, N.Y.-based New York Central Mutual (NYCM; $515 million in direct written premium) will estimate replacement costs for commercial properties throughout New York with 360Value, an estimating system from Jersey City, N.J.-based ISO's Xactware and AIR Worldwide subsidiaries. The carrier has been using ISO replacement-cost estimation solutions in its residential property business since 2004.

360Value is a component-based system that uses property-specific data gathered by the insurer to create a virtual model of a structure and develop a detailed estimate of the cost of rebuilding the property. The system's replacement-cost estimates are based on building-cost research conducted by a team of construction experts that monitor pricing, building code and labor trends on a localized level.

NYCM vice president for underwriting Kathy Bell identified insurance to value (ITV) as a key driver behind the 360Value selection. The carrier, she says, plans to place a special emphasis on the ITV concept when writing commercial policies. "The need to estimate replacement costs reliably has become a high priority as we grow our commercial property portfolio," Bell says in a press release. "Maintaining insurance to value is an important strategic initiative for our underwriting department."