The Green Shield Resiliency and Durability Score (GRAD) is built to be the FICO equivalent for property professionals to know just how well a property will respond to extreme climate events. It scores how well a property can fortress itself against wind, flood, fire, and other extreme weather. It also scores how well a property will bounce back after an event. Is the insurance coverage credible? What sort of challenges will post-event repairs be impacted by the devastation in the local community? How long may repairs be delayed due to lack of labor and materials? The GRAD score quantifies these for any stakeholder in a property.
The GRAD Score is focused on providing transparency around the real drivers of climate risk. In order to compute a score, we focus on:
1. Accurately computing the property's exposures, such as the true replacement cost of the structure(s), and the true replacement cost of the contents within those structures, the true loss of use or business income exposures to extreme events, and the exact nature of the types of extreme weather the property may face such as wind speeds, flood depths or exposure to wildfires.
2. The property's roof and its susceptibility to fail during an extreme weather event.
3. Quantification of extreme loss for hurricane, floods and wildfires. The GRAD Score's loss assessment for extreme weather incorporates catastrophe models and the expert analysis of our peril specialists (flood, wind, wildfire). Each property will have both a historical analysis which will estimate losses for extreme events of the past (such as the 1926 Great Miami Hurricane), and computer simulation of thousands of possible extreme event scenarios.
Because of the transparency the GRAD Score delivers, the Score and real-time dashboard will enable you to understand the real drivers of risk. It will help the stakeholders of the property to understand how risk drives their insurance premiums, how they can make better decisions around insurance buying by optimizing deductibles and limit selection, and by prioritizing which risk reducing activities will provide the biggest bang for the buck. Real risk reduction is what the industry needs and what GreenShield aims to deliver.