Loss Runs Explained
Insurance loss runs are reports that detail the insurance claims an individual or a business has had during a particular time frame. They are used both as an update for the insured and as an underwriting tool to help insurance companies make decisions about whether to continue writing insurance for the client or not. They are also used to assess the risk level of a potential new client for an insurance company. If you are shopping around for the best insurance agency for you, let us show you the advantages of working with an independent insurance agency. If you are interested in getting the best price and coverage from numerous carriers, fill out the insurance quote form, to the right, and let us show you how much you could be saving.

What's Contained In A Loss Run Report?
Loss runs begin by giving basic information about the policy holder like their name, address and effective dates of their policies. They typically contain loss information for the current year and the last 3 to 5 years. Here's the list of information loss runs usually provide about each claim: Date of the loss, Date the claim was reported, Name of the claimant, Synopsis of what happened, Amount paid to date, Reserve amount that has been set aside and Whether the claim is closed or still open

Where Can I Get My Loss Runs?
Insurance carriers create and maintain loss run reports in their computer systems. They can be generated at any time upon request. Sometimes insureds request their loss runs because they want an update on their recent claims history. This is especially true of companies who want to know how their employees’ workers compensation claims are progressing. But more frequently, policy holders need their loss runs in order to shop their insurance with another agent or carrier. In either case, the preferred method for obtaining loss run reports is to request them from the insurance agent who will be shopping your insurance coverage for you. Sending a loss run request letter or email directly to your insurance company will only loop you right back to your insurance agent.

Point To Consider?
An independent insurance agency is often the best option. As an independent insurance agency, we are able to provide the best insurance coverage available as we have access to numerous insurance carriers and get to know you to develop a policy to your needs. And the price is going to be most affordable since we can shop around your coverage until we reach a price you can afford. We work with your success in mind.?

Property insurance
Provides protection against most risks to property, such as fire, theft and some weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance or boiler insurance. Property is insured in two main ways—open perils and named perils. Open perils cover all the causes of loss not specifically excluded in the policy. Common exclusions on open peril policies include damage resulting from earthquakes, floods, nuclear incidents, acts of terrorism and war. Named perils require the actual cause of loss to be listed in the policy for insurance to be provided. The more common named perils include such damage-causing events as fire, lightning, explosion and theft.

Liability insurance
Part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims. It protects the insured in the event he or she is sued for claims that come within the coverage of the insurance policy. Originally, individuals or companies that faced a common peril, formed a group and created a self-help fund out of which to pay compensation should any member incur loss (in other words, a mutual insurance arrangement). The modern system relies on dedicated carriers, usually for-profit, to offer protection against specified perils in consideration of a premium. Liability insurance is designed to offer specific protection against third party insurance claims, i.e., payment is not typically made to the insured, but rather to someone suffering loss who is not a party to the insurance contract. In general, damage caused intentionally as well as contractual liability are not covered under liability insurance policies. When a claim is made, the insurance carrier has the duty (and right) to defend the insured. The legal costs of a defense normally do not affect policy limits unless the policy expressly states otherwise; this default rule is useful because defense costs tend to soar when cases go to trial.

Garage Liability
Is For a repair shop, or some other auto service center. It typically covers liability for the premises and operations, products and completed operations. So, if you are the owner of a service center and someone who applied for employment claimed discrimination, or a customer slipped and fell or claimed faulty parts or service, you would be covered. Garage liability insurance also covers automobiles owned by the business, but it does not cover customers' cars that are left in the care of the shop. That sort of coverage is known as garage keepers' insurance. Garage keepers' insurance is usually sold with garage liability policies, but it is still a separate contract. The cost of garage liability insurance varies according to a number of criteria, including the limits and deductibles selected, the location and size of the business to be insured, the number of employees and locations that a business maintains and any pre-existing history of loss that the company might have.

Dealer Open Lot Insurance
Provides physical damage coverage protection to a dealer’s covered autos and equipment. Covered Autos are typically private passenger vehicles (autos, pickups, minivans, SUV’s, etc.), RV units and other autos that are in the dealer’s inventory and held for sale. The vehicles may be used, new, demonstrators or service vehicles. Most insurance companies who write dealer open lot coverage require that the total value of the inventory be insured to 100% of their value. Maximum Dealer’s Open Lot limits vary by state and range from $500,000 to $1,000,000. The Per Vehicle limit available is $150,000. Beyond inventory coverage, dealers may choose coverage that addresses specific needs. Have the piece of mind of knowing exactly what your dealership's policy covers. Listed below are additional dealer coverages you may choose.

Workers' compensation
A form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee's right to sue his or her employer for the tort of negligence. The tradeoff between assured, limited coverage and lack of recourse outside the worker compensation system is known as "the compensation bargain."

While plans differ between jurisdictions, provision can be made for weekly payments in place of wages (functioning in this case as a form of disability insurance), compensation for economic loss (past and future), reimbursement or payment of medical and like expenses (functioning in this case as a form of health insurance), and benefits payable to the dependents of workers killed during employment (functioning in this case as a form of life insurance).

General damages for pain and suffering, and punitive damages for employer negligence, are generally not available in workers' compensation plans, and negligence is generally not an issue in the case. These laws were first enacted in Europe and Oceania, with the United States following shortly thereafter.