What Are Carrier Insurance Loss Runs?
Your insurance loss run report shows your policy claims history. This means that each time you file a claim under your insurance policy, it’s recorded in your loss runs report. This report can be useful if you’re looking for new insurance as insurers use the report to evaluate risk in offering you insurance coverage.
For instance, loss run reports showing no claims history may help you save money on insurance premiums. Your loss run report allows insurers to evaluate your claim activity and risk. These reports also have a section showing reserves if you have open claims. These are the damages and defense costs set aside by your insurer to cover the claim. However, the final claim costs may be higher or lower than the reserve amount.
Why Is a Loss Run Report Important?
Your loss run report is an important tool. The loss run report helps an underwriter determine if you qualify for the policy for which you are applying. The loss runs may also help create a risk avoidance strategy that might help you negotiate better insurance premiums.
What Is Included in a Loss Run Report?
Your loss run report includes information like:
- Firm and policy number
- The date you’ve filed each claim and if they’re open or closed
- A description of each claim and losses reported
- Settlement costs for past claims
How Do I Get a Loss Run Report?
To request a loss run report, you’ll need to contact your insurer or agent directly. The best approach for this is to email or call them. Although states insurance requirements differ, states require insurance agents and companies to get you your loss run report in approximately 10 days. If you don’t receive your loss run report in a timely manner, you can contact your state’s insurance commissioner.
What Business Insurance Types Can a Loss Run Report Be Generated For?
You can request a loss run report for business insurance like:
- Professional liability insurance
- Workers’ compensation insurance
- General liability insurance
- Commercial property insurance
- Business Owner’s Policy (BOP)
Contact Me Today
Lee Norcross, MBA, CPCU
California License # 0D87292
L Squared Insurance Agency, LLC ® DBA in California as L2 L Squared Insurance Agency, License # 0L93416
Managing Director, CEO
Lee@L2Ins.com
616-726-7080
