No Known Loss Letter
A signed statement that you know of no claims or circumstances that could lead to a claim. Insurers sometimes require it before binding or when loss runs are not available.
What it means for your firm
Sign it only after checking with everyone at the firm who might know of a complaint or problem. An inaccurate statement can cause coverage problems later.
If there is something to disclose, tell your agent before you sign.
Articles that explain it
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.
Talk to a specialist
Tell Us About Your Firm. We’ll Tell You What We See.
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.