How important is to have Loss Runs for commercial policy that is a new purchase for client??!!

[Allen Trent]

Yeah, most of the commercial underwriters I work with say I can take the CLUE report and shove it up my...

If you do that for them, does that give the client bigger credits? Lol

 

[Al3x Lee]

If you do that for them, does that give the client bigger credits? Lol

With how cranky they are in this market, I'm afraid even to ask. I just take one for the team

 

[Markthebroker]

The carrier is asking for loss runs on a new building purchase? That doesn't sound right.

 

[Al3x Lee]

The carrier is asking for loss runs on a new building purchase? That doesn't sound right.

It probably depends on the building, carrier, and if they're purchasing the LLC that controls the building currently. I've had carriers ask for equally outrageous things

 

[Markthebroker]

It probably depends on the building, carrier, and if they're purchasing the LLC that controls the building currently. I've had carriers ask for equally outrageous things

Hmmm. In almost every scenario I've seen, the buyer just sets up a new entity, but maybe things are different outside of Ca.

 

[Al3x Lee]

Hmmm. In almost every scenario I've seen, the buyer just sets up a new entity, but maybe things are different outside of Ca.

Wow, I'm sorry. I didn't mean to cast doubt upon the god of business transactions. My apologies my Liege

 

[Markthebroker]

Wow, I'm sorry. I didn't mean to cast doubt upon the god of business transactions. My apologies my Liege

 

[AshwithanE]

Yes, I have dealt with it, and usually the seller is willing to disclose the current carrier.

You probably won't be able to obtain the loss runs yourself since you're not the agent of the seller.

Is your client purchasing the property under a new business entity or are they purchasing the property with the LLC that currently owns it? More simply put - Are they just purchasing the property or are they purchasing the property and the business (LLC)?

They are purchasing the property as an LLC...a TBD LLC actually. Yay
So I tried to contact an email address I have found listed for property management today. No luck so far. I know I won't be able to obtain loss runs myself...most likely but it would help if I at least knew the previous carrier. Being that it's a selling situation. I also might actually have access to contact info for the seller. Now how willing he will be to take the time to entertain me?? I dunno. Even if you've had a seller disclose the previous carrier, did they go so far as to get you loss run info??

 

[AshwithanE]

Not all carriers report to CLUE, plus CLUE says you can't use it to make underwriting decisions

Righttt....isn't CLUE exactly just that???...a clue?! Not a solution.

 

[Al3x Lee]

They are purchasing the property as an LLC...a TBD LLC actually. Yay
So I tried to contact an email address I have found listed for property management today. No luck so far. I know I won't be able to obtain loss runs myself...most likely but it would help if I at least knew the previous carrier. Being that it's a selling situation. I also might actually have access to contact info for the seller. Now how willing he will be to take the time to entertain me?? I dunno. Even if you've had a seller disclose the previous carrier, did they go so far as to get you loss run info??

I've never contacted the seller directly, but Mark is correct, if it's a new LLC, the loss runs are probably a moot point. Ask the carrier if a no known loss letter will suffice. Let them know there are no prior loss runs for the new insured who will be purchasing the property.