Deductible types for location terms
Deductible types for Verisk Synergy Studio terms related to location terms.
| Deductible type | Description |
|---|---|
| Florida Annual Amount (AA) | If you set the deductible type to Florida Annual Amount (AA),
place the hurricane deductible in the Deductible
Building field (deductible 1). Place the minimum all
other perils deductible in the Deductible
Other field (deductible 2). The application does not include the time element (coverage D) deductible and does not apply any time element deductible to the time element loss. |
| Deductible By Coverage (C) | The application computes these deductibles by coverage and applies these deductibles by coverage. If you provide deductible percents, it first applies the percents to the respective limit (or replacement value if you have not provided a limit. |
| Combined - Excluding Time (CB) | The application computes combined (excluding time) deductibles by
combining the deductible amounts for coverages A (building), B
(other structures), and C (contents) and applying the total amount
across loss from these three coverages. It does not include the time
element (coverage D) deductible and does not apply any time element
deductible to the time element loss.If you provide deductible
percents, it first applies the percents to the respective limit (or
replacement value if you have not provided a limit). It then
combines the respective deductible amount for coverages A, B, and C
and applies this amount across loss from these three coverages. If you provide deductible amounts and apply these amounts evenly over each of coverage A, B, and C (e.g., $5 million each for coverages A, B, and C), enter the total amount (in this example, $15 million) in the Deductible Building field. Otherwise, enter the individual deductible amounts in the Deductible Building (deductible 1), Deductible Other (deductible 2), and Deductible Contents (deductible 3). Do not enter any time element deductible in the Deductible Time (deductible 4) field. |
| Combined - Including Time (CT) | The application computes combined (including time separately)
deductibles by combining the deductible amounts for coverages A
(building), B (other structures), and C (contents) and applying the
total amount across loss from these three coverages. It computes the
time element (coverage D) deductible separately and applies this
time element deductible separately to the time element loss. If you provide deductible percents, it first applies the percents to the respective limit (or replacement value if you have not provided a limit). it then combines the respective deductible amount for coverages A, B, and C and applies this amount across loss from these three coverages. It applies the time element deductible amount separately to the time element loss. If you provide deductible amounts and apply these amounts evenly over each of coverage A, B, and C (e.g., $5 million each for coverages A, B, and C), enter the total amount (in this example, $15 million) in the Deductible Building field. Otherwise, enter the individual deductible amounts in the Deductible Building (deductible 1), Deductible Other (deductible 2), and Deductible Contents (deductible 3). Enter the time element deductible in the Deductible Time (deductible 4) field. |
| Coverage Percent of Loss (CPL) | The application applies percent of loss deductible to each coverage separately. |
| Franchise Deductible (FR) | The application applies franchise deductibles on a combined basis to all coverages. The franchise deductible acts as a trigger, such that the entire amount of loss is used once the loss exceeds the deductible. |
| Max of Deductible Amount or Percent Loss (ML) | The application applies the maximum of the site or percent of loss to combined losses for buildings, other structures, or contents. In this case, it applies separate deductibles for losses from time. |
| Mini Policy Deductible (MP) | The application computes mini policy deductibles based on the building limit and applies these deductibles only to the building loss. Furthermore, it only considers loss from contents if the building loss exceeds the deductible. It disregards any deductibles other than the building deductibles. |
| No Deductible (NO) | Use this deductible type for workers' compensation policies. |
| Percent of Loss (PL) | The application applies percent of loss deductibles across loss from all coverages. |
| Site Deductible (S) | The application computes combined deductibles by combining the deductible amounts for all coverages (A, B, C, D) and applying the total amount across loss from all coverages. If you provide deductible percents, it first applies the percents to the respective limit (or replacement value if you have not provided a limit). it then combines the respective deductible amount and applies this amount across loss from all coverages. If you provide deductible amounts and apply these amounts evenly over each coverage (e.g., $5 million each for coverages A-D), enter the total amount (in this example, $20 million) in the Deductible Building field. Otherwise, enter the individual deductible amounts in the Deductible Building (Deductible Contents deductible 1), Deductible Other (deductible 2), (deductible 3), and Deductible Time (deductible 4) fields. |