Modifying Perils in an Exposure View

Modifying perils in exposure views.

The Modify Perils feature enables you to define rules to add and remove perils in an exposure view or in a contract. For example, you may want to remove the Storm Surge peril from imported exposure data that was coded for all perils (PAL). In Touchstone the Storm Surge peril is automatically coded at 100%. If you want to apply a different percent, such as 5% or 10%, you can remove the Storm Surge peril from the exposure data and then configure the loss analysis to use your required surge percent during the loss analysis. Also, you may want to add perils after a model is updated. You can save a copy of the modified exposure view or you can overwrite it. Changes apply to all locations, layers, and sublimits in the exposure set.

Procedure

To modify perils in an exposure view:

  1. Open a project.
  2. In the navigation pane, in the Project Data area, click All Exposure Views.
  3. In the grid, highlight the exposure view that you want to modify.

    Click in the first column to select the exposure view without opening it.

  4. Click (Edit) and then select Modify Perils.

    The Modify Perils dialog box opens, displaying the default view of the Modify Perils rule.

    The Where you have list on the left displays the perils grouped by peril type. If an exposure summary was generated for the exposure view, the list includes only those perils specified in the exposure data. If an exposure summary was not generated for the exposure view, the list includes all available Touchstone perils.

    The list to the right of the Add/Remove button, displays all Touchstone perils.

  5. To add a peril to the exposure view:
    1. In the Where you have list, select a peril that you want to use as a reference. That is, look for an existing peril that has geographical distribution and financial terms that are similar to the peril you want to add.

      Touchstone will not change the existing peril code. You are simply telling Touchstone to add a new peril wherever it finds the selected peril in the exposure data.

      A reinsurer gets exposure data coded for Fire Following and Earthquake Shake. AIR has added a sub-peril as part of a model update and you want to make sure that your exposure data contains that new peril—for example, the Tsunami sub-peril was added for a region and you want to add it anywhere you already have Earthquake Shake.

    2. With Add still selected, in the rightmost list, select the peril you want to add.
  6. To add another rule, click .
  7. To remove a peril from an exposure view:
    1. In the Where you have list, select the peril that you want to remove.
    2. Click Add/Remove until Remove is displayed.
    3. In the rightmost list, select the peril to remove.

      The peril you want to remove must appear in both lists.

  8. Choose whether to create a new exposure set or overwrite the existing exposure set.

    • Select Create New if you want to create a new exposure set, and then enter a unique exposure view name where you want to create the new exposure set. This leaves your original exposure set unchanged; this is a good choice in case you change your mind after modifying perils.

    • Select Overwrite if you want to overwrite the existing exposure set.

      Warning:

      You cannot undo the Overwrite operation.

  9. [Optional] Clear the Auto-generate exposure summary check box, if you do not want to generate an exposure summary.

    This option is available only for the Overwrite option.

  10. Click Save.

    The name of the activity in the Activity Monitor is Modify Exposure.