Helpful Information

Loss Run 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

For repair shops and auto service centers, garage liability insurance covers liability for premises, operations, products, and completed services. It protects against claims like discrimination from job applicants, customer injuries, or faulty service. While it includes coverage for business-owned vehicles, it does not cover customers’ cars left in the shop—that’s covered by garage keepers’ insurance, which is usually sold separately. The cost of garage liability insurance depends on factors like coverage limits, deductibles, business size, location, and loss history.

Dealer Open Lot Insurance

Dealer’s Open Lot insurance provides physical damage coverage for a dealer’s inventory, including private passenger vehicles, RVs, and service vehicles. Coverage typically requires the inventory to be insured at 100% of its value, with limits ranging from $500,000 to $1,000,000 per lot and $150,000 per vehicle. Dealers can also select additional coverages to meet specific needs, ensuring comprehensive protection for their operations.

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”.

Get In Touch

Have questions or ready to find the right coverage? Our team is here to help. Contact us today for a free consultation and let us guide you towards the best insurance options for your needs.