Collect Secondary COPE Data to Improve your Risk Profile
Having accurate, up-to-date insurable values for all buildings and structures on your property schedule is a good start to understanding your organization’s exposure to property risk. With that said, while this can help ensure your property is insured to value, it is detailed building data (e.g. COPE and Secondary COPE) that will help you secure the best rates.
COPE stands for construction, occupancy, protection, exposure. It includes characteristics such as type of construction material used, number of stories, fire protection and more. Secondary COPE characteristics relate to the building’s susceptibility to damage from windstorms or seismic activity. Both COPE and Secondary COPE data help present the likelihood that an organization will experience losses due to a catastrophic event and quantify the potential property losses. In the absence of this data, some insurers and catastrophe modeling programs automatically assume a worst case scenario.
Below is a look at some of the secondary COPE characteristics you can begin collecting to avoid the “worst case scenario” and secure favorable rates.
High Wind Characteristics
- Wind Resistance of Windows: Windows with poor wind resistance can expose the interior of the building to additional wind and water hazards.
- Roof Framing: The type of framing material used for the roof can affect the ability of the roof to stay attached under high wind conditions.
- Flood Protection: Damage due to flooding can be reduced if flood protection measures are implemented.
Earthquake Characteristics
- Setbacks and Overhangs: Significant setbacks and overhangs can cause irregular structural performance of buildings in an earthquake.
- Building Exterior: Buildings with exteriors consisting of greater than 50% windows/doors are considered to have less resistance to seismic activity.
- Pounding: If adjacent buildings are too close to each other, they may impact one another as they sway or fall during an earthquake.
To speak with an expert in more detail about the collection and maintenance of secondary COPE data, feel free to contact us at any time (info@centurisk.com).