Where to Get a Loss Run Report and How to Request One
Navigate the process of obtaining your loss run report. Learn exactly where to request this crucial insurance document and how to do it efficiently.
A loss run report serves as a detailed record of an insurance policy’s past claims activity. This document offers a comprehensive overview of an entity’s claims history. It provides transparency into historical risk for policyholders and insurance providers, helping them make informed decisions regarding their insurance coverage.
Understanding Loss Run Reports
A loss run report is generated by an insurance carrier, outlining all claims filed against a specific policy over a defined period, typically the past three to five years. This report details information such as the claim date, report date, incident description, claim type, and its current status (open or closed). It also includes financial data, showing amounts paid out by the insurer and any reserves set aside for ongoing or future claim costs.
These reports provide a clear picture of a policyholder’s claims history, analogous to a credit report. Insurance underwriters rely on loss runs to assess the frequency and severity of past claims, directly influencing risk assessment and premium calculations for new policies or renewals. A favorable claims history, with fewer or less severe losses, often allows policyholders to secure more competitive rates. Conversely, frequent or high-cost claims can signal increased risk, potentially leading to higher premiums or coverage denial.
Beyond underwriting, loss runs are valuable for policyholders to understand their risk exposures and identify areas for improvement in safety or operational practices. Reviewing these reports can help identify trends in losses, prompting adjustments that may reduce future claim occurrences and associated costs. For instance, if a report shows recurring incidents, it highlights a specific area where risk mitigation strategies could be implemented. This proactive approach to claims management can lead to improved financial outcomes and a stronger risk profile.
Information Needed for Your Request
You will need to provide identifying details for the policyholder, ensuring the name matches policy documents. Include the exact policy numbers for each insurance plan. Specify the exact policy effective and expiration dates for the periods needed. Clearly state the type of insurance coverage, such as general liability, workers’ compensation, commercial auto, or a Business Owner’s Policy (BOP). Provide accurate contact information, including a phone number and email address associated with the policy.
Where and How to Request Your Report
Loss run reports can be obtained from several sources, including your current insurance carrier, previous insurance carriers, or your insurance broker or agent. Contacting your current insurance carrier directly is often the most straightforward method. You can reach their customer service department by phone or send a formal request via email. Many insurers also provide online policy portals where policyholders can access or request their loss run reports directly.
When contacting your current carrier, clearly state you are requesting a loss run report for specific policy numbers and dates. For example, you might say, “I need a loss run report for policy number [X] covering the period from [Start Date] to [End Date].” Request reports that are “currently valued,” meaning the information is recent, within 30 to 90 days of your request, as underwriters prefer up-to-date data.
If you have switched insurance providers, request loss run reports from your previous carriers. Contact their customer service or claims department via phone or email, providing your policy details. Insurance brokers and agents can also obtain these reports on your behalf. They can facilitate the request process, especially if you have policies with multiple providers. Instruct your agent to request the reports, providing them with all necessary policy information.
Response times for receiving loss run reports can vary, but many states require insurers to provide them within a specific timeframe, often around 10 business days. While some carriers may deliver reports faster, it is advisable to allow for at least a two-week processing period, especially if the request is complex or involves older policies. Generally, there are no direct fees charged for obtaining loss run reports, as insurers are obligated to provide this information to policyholders. If you experience significant delays or issues, follow up with the carrier or agent. Maintaining written documentation of your requests, such as emails or notes from phone calls, can be helpful if further action becomes necessary.