ISO has filings underway for its new standardized motorcycle program. The program consists of forms, rules, and loss costs tailored to fit the specific requirements for insuring a motorcycle. The base policy provides liability, medical payments, uninsured motorists, and physical damage coverages. It also offers an array of endorsements. ISO is a member of the Verisk Insurance Solutions group at Verisk Analytics.
The program also includes a Motorcycle Rating Code Supplement, which contains rating codes based on motorcycle type, engine size, manufacturer’s suggested retail price (MSRP), vehicle identification number (VIN), and make, model, and trim level for each model year back to 2004. The comprehensive motorcycle manual includes classification factors that recognize various exposures, such as age of operator, number of accidents, major and minor violations, and years of riding experience. There are also discounts for motorcycle rider training, antitheft devices, and antilock braking systems.
“Whether they currently write their own motorcycle program or want to enter the motorcycle market, insurers and agents will now have the opportunity to use a standardized policy form. ISO has included refined rating procedures in the program, so insurers don’t have to spend time and money to develop their own rating procedures. Insurers with their own rating procedures can also use the information provided in the motorcycle program,” Thompson added.
He also noted that the new program’s court-tested policy language, adapted from ISO’s personal auto program, should simplify the acceptance of the program by regulators across the country.
ISO is submitting the motorcycle program for review to state insurance regulators throughout the remainder of 2013. The program will be available for insurer use as part of ISO’s Personal Lines Specialty Programs, which also includes personal liability, umbrella, and watercraft. Insurers participating in ISO’s Personal Lines Specialty Programs will automatically have access to the new ISO motorcycle program.
ISO’s Personal Lines Specialty Programs are also available as part of ISO Participation PlusSM – a package of ISO products and services for insurers.
ISO is a source of information about property/casualty insurance risk. The company provides statistical, actuarial underwriting, and claims information; policy language; information about specific locations; fraud identification tools; and technical services for a range of commercial and personal lines of insurance. ISO serves insurers, reinsurers, agents and brokers, insurance regulators, risk managers, and other participants in the property/casualty insurance marketplace.