A Step-by-Step Guide to Getting Loss Runs from Insurance Carriers

Getting loss runs from insurance carriers can be a daunting task, but it doesn't have to be. With the right steps, you can obtain the information you need to make informed decisions about your business.

First, you'll need to identify the insurance carrier you're working with and the type of policy you have. This information can usually be found on your policy documents or by contacting your agent or broker.

Next, you'll need to understand the concept of a loss run, which is a detailed report of all claims made against your policy. This report is typically generated by the insurance carrier and can be obtained through a formal request.

To start the process, you'll need to submit a written request to the insurance carrier, specifying the type of loss run you're looking for. This can usually be done via email or mail, and you should receive a response within a few days.

Additional reading: Insurance Claim Report

Loss runs are a written report that provides a snapshot of a business's past insurance claims. These reports are generated by the insurance carrier and include details such as the type of claim, when it occurred, and how much has been paid out by the carrier.

A loss run typically includes the insured's and insurer's names, the policy number and term, the date of each reported claim, and the loss report valuation date. It also includes a description and reason for each claim, the type of claim filed for each loss, expenses paid by the insurer, and the amount the insurer has reserved for future claim costs. In some cases, it may also include the status of each claim.

Loss runs are most frequently used when applying for an insurance policy with a new carrier. However, they can also be a valuable tool to help business owners monitor and improve their operations and safety practices. By analyzing loss runs, insurers can identify trends in claims activity, which can help them determine appropriate pricing and underwriting strategies for specific policyholders or industries.

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Here are some details you can expect to find in a loss run report:

In the event that an organization has not filed any claims, its loss run will state that there are no reported losses available.

Requesting and Obtaining Loss Runs is a straightforward process, but it's essential to know the right steps to take. State funds have their own procedures for loss run requests, so it's best to call, email, or write to them directly if you're unsure where to start.

Each insurer has its own process for submitting loss run requests, and organizations usually need to consult their insurance professionals to make these requests. Typically, insurers provide loss runs to their policyholders within 10 days of receiving requests.

Organizations can obtain loss runs from their insurers, and it's a good idea to review them carefully. To ensure accuracy, look for any errors in the loss runs and let your insurer know if you find mistakes.

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Assessing the status of claims is also crucial when reviewing loss runs. Focus on which claims have been closed, which are still open, and how much your insurer has paid on open claims to date. It's also essential to determine a clear course of action to help resolve open claims as quickly as possible.

You don't have to navigate loss runs alone – insurance professionals are highly skilled at evaluating them and can help you assess your reports, answer your questions, and develop proper risk management tactics based on the specific findings.

Here are some best practices to keep in mind when reviewing loss runs:

Loss run reports are used by carriers to show claims history for various business insurances.

Carriers use loss run reports for workers' compensation, professional liability, general liability, commercial property, and Business Owner's Policy (BOP) insurance.

These types of insurance are often used by businesses to protect against unexpected losses.

Here are some examples of business insurance reports:

Loss runs are a crucial part of understanding a business's insurance history. They provide a detailed record of past claims, which insurance providers use to determine eligibility for coverage and set premium rates.

Loss runs typically include information such as the name of the insurance carrier, the name of the insured business, policy number, and claim details. Each carrier generates their own reports, so the specific information included may vary. However, most reports will include a valuation date, claim number, date the loss occurred, type of claim, and status of the claim.

A typical loss run report will also include the total amount paid on the claim to date and the total amount being held in reserves for the claim. If a business has not filed any claims, its loss run will indicate that there are no reported losses available.

The information included in a loss run report can be broken down into the following categories:

Organizations can obtain loss runs from their insurers by submitting a request, which can typically be done through their insurance professionals. In most states, insurers are required to provide loss runs to their policyholders within 10 days of receiving requests.

Using multiple carriers can be a complex process, especially when it comes to obtaining loss runs. You'll need to request loss runs from each carrier separately, which can be time-consuming.

Most carriers have a standard process for providing loss runs, which typically includes submitting a written request and providing identification information.

A well-organized system can help streamline this process, making it easier to track and manage multiple requests.

Some carriers may have specific requirements or forms that need to be completed before they can provide loss runs.

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