Another acronym is entering the U.S. building construction
industry's vernacular—BCEGS (pronounced "be-sags") refers to
building code effectiveness grading system. Because BCEGS likely
will significantly affect, albeit somewhat indirectly, the building
construction industry, you should become familiar with it.
BCEGS was developed and is administered by the Insurance
Services Office (ISO) Inc., which compiles statistical, actuarial,
underwriting and claims information for the insurance industry.
BCEGS assesses building codes in effect in communities and how the
communities enforce their codes; BCEGS specifically emphasizes
mitigation of losses from natural hazards, such as earthquakes,
fires, wind and hail.
The fundamental concept of BCEGS is straightforward: Building
code jurisdictions with well-enforced, up-to-date codes should
demonstrate better loss experiences, and insurance premiums can
reflect that. The prospects of mitigating losses and, ultimately,
lowering insurance costs provide incentives for communities to
rigorously adopt, update and...
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