Loss Runs are another name for Insurance Claim History. Almost every Insurance carrier will require a Hard Copy of Currently Valued Loss Runs before issuing quotes to insureds. Loss Runs provide a universal way for underwriters to look at claim history and determine the risk of insuring the business and the likelihood an insured will file a claim. Insurers charge higher premiums to risky policyholders, which also incentivizes the policyholder to improve risk management practices. 

What type of information are on these Loss Runs? Information provided includes:

·  The insured’s name (either your name or that of your business)

·  Your policy number

·  The dates of any claims you reported to your insurer

·  The dates you notified the insurer of each loss (or incident)

·  A description of the reason for the claim

·  How much the insurer paid to settle (or close) the claim

·  If the claim is still unresolved (or open), how much the insurer has set aside in reserves

How do you obtain Loss Runs? Loss Runs can be obtained in two different ways. The most common is to ask you Agent or Broker directly for them. The other way is to find contact info from the Loss or Claims department directly from the Insurance Carrier. If you are unsure who the insurance carrier is, you can find the name on the Declarations page of your Insurance Policy.

How long does it take to receive Loss Runs? Depending on the insurer, you may be able to receive your report in a day, in several days, or within a week. Taking longer than that may violate your state’s insurance regulations, which typically require fulfilling a loss runs request in 10 days or less.

You will need Updated Loss Runs every year as you begin the process of renewing your Insurance Policy so it is important that you do not wait until last minute to obtain them.