Abstract
The Insurance Services Office Inc is responsible for rating communities to see whether they are fire protected. To this effect, they grade the communities. The grade obtained after rating determines how much premium is to be shelled out by the client. The article gives an overview of the fire rating system and the factors impacting the same.
The Insurance Services Office Inc has over the years evaluated and rated various policies pertaining to fire protection in different communities. The services offered by Insurance Services Office Inc or ISO Inc is referred to as ISO Public Protection Classification Program. The ratings of the Insurance services Office Inc is done on a 1 to 10 scale. This is done on the basis of Fire Suppression Rating Schedule of ISO.
Several insurance companies make use of the evaluations of Insurance Services Office Inc to set premiums for their clients while laying charges for property insurance. The rating is inversely proportional to the premium amount. The higher is the rating on the scale; lower is the premium the client has to shell out. It has been observed that communities, which have been granted a higher grade, are less susceptible to damage caused by fire.
Factors affecting the fire protection grading system:
The Insurance Services Office Inc or the ISO has been in existence since the 1900s. The policies adopted by ISO have over the years undergone modifications depending on the various factors impacting the communities. There are several aspects, which the FSRS or Fire Suppression Rating Schedule takes into account while rating a community.
Equipments for fighting fire
This factor accounts for 26% of the rating. It takes into account the suitability of the fire fighting equipments. These equipments are to be tested regularly.
Water Supply
Water supply accounts for 40% of the rating. This evaluation is carried out to see if the community (whose rating is to be done) has sufficient water reserve to fight fire should the need arise.
Alarm And Paging system
Alarm And Paging system accounts for 10% of the evaluation process.
Fire fighting professionals
Makes up 24% of the evaluation process. What is actually seen is whether the fire fighters are adequately equipped to fight fire. Number of fire fighting personnel, ready for taking on challenges is taken into account. The number of personnel (9%) still undergoing training for the same is also considered.
A document is usually prepared for scripting the findings of the evaluation. This is referred to as Classification Detail Report, which contains the rating details.