COPE: Property Underwriting and Effective Loss Control
Approved for 2 hrs. P&C CE credit in SC
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COPE is an acronym that stands for the four property risk characteristics an underwriter reviews when evaluating a submission for property insurance:
- Construction (e.g., frame, brick, masonry, masonry veneer);
- Occupancy (how the building is being used);
- Protection (e.g., quality of the responding fire department, adequacy of water pressure and water supply in the community, the presence or absence of smoke alarms, etc.); and
- Exposure (risks of loss posed by neighboring property or the surrounding area, taking into consideration what is located near the property, such as an office building, a subdivision, or a fireworks factory).