What does Class Rating mean? Read on to discover the definition & meaning of the term Class Rating - to help you better understand the language used in insurance policies.
An Insurance Office Services, Inc. (ISO), method of determining property insurance premium for properties occupied by businesses that fall into certain "classes," provided that they meet certain eligibility criteria. Properties that do not qualify for class rating (generally, large or specially protected properties or properties that have high-risk or unusual occupancies) must be specifically rated, using rates that are specific to those particular properties, as determined by physical inspection of the property.
We hope the you have a better understanding of the meaning of Class Rating.