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Insurance Loss Runs: What Are They And Why Are They Important To Pool Contractors

Insurance Loss Runs: What Are They And Why Are They Important To Pool Contractors
May 29, 2018 Aqualine Insurance

 

“Do you want our best quote?

One of the most important things that we are going to require to approach our carriers, are the loss runs.  The loss runs are the documentation from the carriers that show your loss history and show that you have coverage in place.

Why do we need your loss runs? Your loss runs are a snapshot or a report card from your current carrier, showing who you are currently with, as far as the carrier, the policy number, and the valuation date of the loss runs.

We need currently valued loss runs; which means that they need to be printed by the carrier within 90 days of the effective date of your policy. It’s important because if they’re outside this effective date the carrier will not accept the loss runs.

A common response is, ‘that we have not had any losses’. We still require the loss runs to show the documentation from the carrier that you have that you have had no losses, and also that you have current coverage in place.

One of the most common questions that we get is – How do we obtain our loss runs? The loss runs can either be obtained by your broker or from the carrier directly.

And as always if you need help obtaining these or have any questions, please use us.”

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