Why Loss Runs Matter
Loss Runs: Agents have to have them, so why is it so hard to get them? Often times misunderstandings about the reports and what they mean, create walls around the topic we hope to tear down.
What are Loss Runs?
Loss runs are reports generated by carriers that show an insurance claims history for the named insured. They give a detailed report on any claims activity in the time period being requested. Most carriers want to see anywhere from 3-5 years. Even if no claims have been reported, the report is still important as it will show no known losses for the requested time period.
I am shopping my insurance, how do I obtain my loss runs?
So you’ve agreed to let a Milan Insurance Partners agent quote your insurance, but suddenly they want loss runs. Obtaining loss runs from your current carrier is as easy as an e-mail. By simply requesting loss runs from your current agent via email they will comply. However if you would like to access your loss runs directly from the carrier, this is also an option! Your insurance advisor will be happy to provide you with the template to sign allowing us to request your loss runs directly from your carrier.
Why do loss runs matter?
The term loss run is said to strike fear in the heart of an insurance agent, but the truth is, agencies are asked for loss runs all the time. From refinancing, to changing management companies, to shopping insurance, loss runs are needed for a variety of reasons. By providing carriers with these reports we can credit you for positive loss history, and on the flip side create unique solutions to offset an unfavorable loss history. By having these reports our carrier options expand dramatically and we are able to put the best pricing and terms in front of you at renewal. Don’t let unwarranted fear stop you from guaranteeing the best pricing options. Agents who are taking care of you are not afraid of a little competition. It’s time to break the stigma and ask for loss runs!Back to Articles