NuGen IT has announced the expansion of its Total Loss Workbook to include commercial vehicle calculations for total loss settlements.
The calculations are state-specific for the 50 states and Washington D.C. to meet all of the statutes and regulatory requirements for the Department of Insurance (DOI) and Department of Motor Vehicles (DMV).
The Total Loss Workbook has offered detailed calculations for private passenger vehicles, motorcycles and mopeds for the last three years.
“NuGen IT developed the cloud-based application to help insurance companies easily calculate the correct regulatory fees and taxes associated with all total loss settlements specific to each state or jurisdiction,” said Pete Tagliapietra, business development leader of NuGen IT. “Based on requests from existing and prospective clients, we recently added commercial vehicle calculations to provide adjusters and other users with factual information and automated calculations in a systematic way; up until now, that has not been made available to the industry.”
Because insurance company total loss settlement procedures can often differ, Wil Peck, NuGen IT software development leader, said the company allows its clients to configure each state profile to their individual needs for unique insurance policy provisions and/or endorsements. The calculations are then automated, so the settlement calculation is accurate, consistent and uniform.
The geocoding functionality pinpoints the vehicle owner location to the exact address to ensure the correct tax rate in any location. In states that allow the vehicle registration fees to be prorated, Total Loss Workbook will automatically calculate that information.
Once the calculation process is complete, a report is generated that itemizes the fees and taxes associated with the total loss settlement as well as the regulatory and DMV reference materials used in building the calculation. These are regularly monitored and updated and then stored for future reference and reporting.
“This information is extremely helpful if previous claim files need to be reviewed or in the event of an audit by an insurance commissioner, commonly referred to as a Market Conduct Survey,” said Peck. “In this case, the information used in the calculation is readily available for the auditor to verify.”