RapidRate comparative rater

Applies to:

Last Updated: March 2025

• Comparative Rater walkthrough
• Starting the BindHQ RapidRate comparative rater
• Enter information for comparative rating
• Answer Underwriting Questions
• The Comparative Rater results page
• Rater details

Comparative Rater walkthrough

Starting the BindHQ RapidRate comparative rater

Enter Information for Comparative Rating

Data points required are:

• Requested Effective Date
  • The comparative rater currently supports backdating of 30 days in the past
• Risk Locations
  • You can add as many locations as needed
• Class Codes
  • Add as many Class Codes as required.  Premium basis is automatically selected based on Class Code.

Answer Underwriting Questions

Underwriting Questions are automatically generated based on the Class Codes and locations entered, to satisfy the requirements of all supported Carriers.

•  Checking the 'Use assumptions' checkbox quickly pre-fills the questions with answers that will make the risk eligible
• Press Submit to get back comparative rates
• Some questions are dynamically generated based on specific class codes as seen on the picture below

The Comparative Rater Results page

The comparative Rater Results page shows the results of the online comparative rating. The information displayed is:

• Carrier
  • Carrier offering the quote
• Features
  • Limits: Limits are shown
  • Deductible: In case there is a deductible, it is shown
  • TRIA: Included or Excluded value shown
• Premium
• Create Quote
  • Clicking this button will create a Quote in BindHQ, ready to be shared with the Retail Agent
• Go to Portal
  • Takes the user to the Quote on the Carrier Portal

Rater Details

1. Classcode overview

The rater supports comparative rating for 82 class codes:

• Artisan Contractors: 45 class codes
• Restaurants: 15 class codes
• Lessor’s Risk (including Habitational): 22 class codes, does not include the following six LRO codes;
  • • 46913 (Race Tracks - Motorized Vehicles)
    • 46914 (Racing)
    • 49802 (Wharf and Waterfront Property-Not Occupied by the Insured)
    • 64075 (Hotels and Motels-Four Stories or More)
    • 97502 (Solar Energy Systems-Existence Hazard Only)
    • 97504 (Wind Turbines-Existence Hazard Only)

2. Included class codes

3. Limits

The rater requests the following limits by default from each carrier: 

Sometimes, carriers do not offer the exact default limits, and the rater will return the limits that the carrier is willing to provide.

4. Deductible

The rater requests a $0 deductible by default. If carriers return a quote with a minimum deductible applied, the rater will display the carrier-provided deductible value. To view additional deductible details (such as basis and type), visit the carrier portal.

5. TRIA

6. Additional forms, coverages, and other customizations

Visit the carrier portal to view forms, add additional insureds and other optional coverages, and make other changes to the quote. 

7. A-Rated Class Codes

Some carriers require underwriters to supply additional rates to modify the pricing for A-Rated class codes. By default, the rater selects a rate in the middle of the range allowed by a carrier. Visit the carrier portal to edit the rate value. 

Example:

Atlantic Casualty considers class code 91581 (Contractors-Subcontracted Work-In Connection with Construction, Reconstruction, Erection or Repair-Not Buildings) A-Rated. Underwriters must provide a Premises Operations rate between the values of $2.00-$3.00 and a Products Operations rate between the values of $3.00-$4.50. By default, the rater will provide rate values of $2.50 and $3.75, respectively. Both of these will be auto-populated into the Atlantic Casualty portal where they can be edited further. 

8. Carriers

• • Atlantic Casualty
  • Century Surety
  • Markel
  • Contractors Guard program