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

[AshwithanE]

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

It's not "new"...its new to my clients...it was all built in 1970

 

[AshwithanE]

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

So...to further complicate this: the investors are partnering up on this but have several other ventures on their own. I have some loss history on one of the insureds but the other one I have nothing and he has multiple policies with another agency. I would just give up on this but the premium difference is ~$9,000
Hey...did I mention I've only been in the insurance industry 8 months but was on leave for 3 of the months...Lord, please take pity on me!

 

[Al3x Lee]

So...to further complicate this: the investors are partnering up on this but have several other ventures on their own. I have some loss history on one of the insureds but the other one I have nothing and he has multiple policies with another agency. I would just give up on this but the premium difference is ~$9,000
Hey...did I mention I've only been in the insurance industry 8 months but was on leave for 3 of the months...Lord, please take pity on me!

It shouldn't matter as long as they're using separate business entities. Are they doing any of these separate ventures within the same entity?

 

[AZDave]

This is an commercial apartment complex built in the 70's that has prior insurance. What underwriting process today does not want to see the LR's?

But then again, have the apps even been submitted? "They are purchasing the property as an LLC...a TBD LLC actually. Yay"

 

[Allen Trent]

It's not "new"...its new to my clients...it was all built in 1970

Good luck with this one. Hardest commercial market in 25 years even for newer buildings & established business entities. Guessing there won't be a stampede of carriers wanting to quote a 50+ year old apartment building with a yet to be named business entity with no records of the business or property history

 

[marindependent]

Guessing there won't be a stampede of carriers wanting to quote a 50+ year old apartment building with a yet to be named business entity with no records of the business or property history

Ill say.