How to Get Loss Runs From Insurance Carriers
Efficiently get your insurance claims history (loss runs) from any carrier with this practical guide.
Loss run reports provide a detailed overview of an insurance policyholder’s claims history. Generated by insurance carriers, these reports serve as a comprehensive record of all claims filed under a specific policy or set of policies. Policyholders commonly use loss runs to assess their past insurance needs and to secure new insurance quotes. This information helps in understanding the overall financial impact of prior claims and informs future insurance decisions.
Understanding Loss Runs
Loss runs typically include specific details for each claim, such as the date of loss, the type of claim filed, and a brief description of the incident. They also indicate the amount paid out by the insurer for each claim, any reserve funds set aside for open claims, and the current status of each claim, whether it is open, closed, or reopened. These reports offer a clear picture of claims activity over a specified period, often three to five years.
This historical data is a significant factor for insurance renewals and when shopping for new policies. Insurers use loss runs to evaluate the risk associated with insuring a policyholder, similar to how a credit score informs a lender’s decision. A history of frequent or severe claims can influence the terms and pricing of future insurance coverage.
Information to Gather for Your Request
Before contacting an insurance carrier for a loss run report, it is helpful to gather specific information. This preparation streamlines the request process and helps ensure accuracy. You will need to provide the policy number or numbers for which you are requesting the loss runs. It is important to specify the exact policy period or periods for which the loss runs are needed, including the start and end dates. The full legal name of the named insured, whether an individual or a business, must be readily available. Additionally, have your current contact information, such as phone number, email address, and mailing address, prepared for communication and delivery.
Methods for Requesting Loss Runs
There are several common methods for requesting loss runs from an insurance carrier.
A direct phone call to the carrier’s customer service or a dedicated loss run department is a frequent approach. Be prepared to provide your policy details and verify your identity.
Sending an email request. When drafting the email, direct it to the general customer service address or a claims department contact, if known.
Using online portals. Some insurance carriers offer portals where policyholders can directly request documents like loss runs.
Submitting a written request via mail or fax. This option requires clearly stating all identifying policy information in the document.
After Submitting Your Request
After submitting your request, processing time for loss runs varies by carrier. Some carriers may send a confirmation of receipt. Many states require the requested information within 10 days or less, though some requests might take a few days to a couple of weeks.
Loss runs are usually delivered through various methods, including email, traditional mail, or a secure online portal for download. Once received, review the documents thoroughly for accuracy. Check that policy dates, claim details, and claim status (open or closed) are correct. If documents are not received within the expected timeframe, follow up with the insurance carrier, keeping a record of your communication.