Loss run
A loss run is a document that records the history of claims made against a commercial insurance policy. It is analogous to a credit report. A loss run report will include information including the date of the claim, the amount paid, and a description of the event. Generally, a loss run will record 5 years of history.[1] Because of the importance of loss run reports in underwriting commercial insurance accounts, most American states have laws requiring insurance providers to make these reports available on request.[2][3]
A loss run can, in principle, also be used to notify an insurer of a claim, although this has been disputed.[4]
References[edit]
- ^ Zeiler, Dan. "What are Loss Runs, and How Do These Reports Affect You?"
- ^ Dodge, Tim. "N.Y. Law and Insurer Obligation to Provide Loss Runs"
- ^ Independent Insurance Agents & Brokers of Louisiana. "Loss Runs and Louisiana Law"
- ^ Ostrager, Thomas R. Newman. "Handbook on Insurance Coverage Disputes", 1 December 2014