Loss Run
A report from an insurer listing the claims, if any, on a policy over a period of time. New insurers often ask for several years of loss runs to quote.
What it means for your firm
You request loss runs from your current or past insurers. Many underwriters want them dated within the last few months.
If you have never had coverage, insurers often accept a signed statement that you know of no losses instead.
Articles that explain it
Claims Follow You: RFPs, Renewals and Loss Runs “I Got Turned Down Everywhere.” Why Niche Design and Tech Businesses Struggle to Find Insurance Your Revenue Went Up, So Did Your Premium. How Professional Liability Is Priced, and Why Money You Pass to Consultants Still Counts When to Start Your Renewal, and What to Have Ready
General definition for education only. It is not an interpretation of any policy or contract, and it is not legal advice. The wording of your own policy and contract controls. Policies and definitions vary by insurance company.
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Starting out or renewing, with a policy in hand or not. If something is worth discussing, we’ll call. If not, we’ll say so.