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Verisk Analytics Inc. on Monday said it is adding more than 160 business classifications and 57 endorsements to its ISO Businessowners Program and making revisions to some existing endorsements and changes to the base coverage form.
There will also be expansion, consolidation and elimination of some existing classes. Verisk said the changes are “designed to provide added flexibility,” as businesses change and new industries emerge, a statement said.
Examples of such are new endorsements for unmanned aircraft and cannabis, while there will also be new endorsements for additional insureds and abuse or molestation.
Commercial dynamics have changed, and insurers face a wide range of unique exposures that may not have existed a decade ago, Greg Palumbo, senior manager, commercial lines underwriting at Verisk, said in the statement.