Loss Runs / Claims History

[mandoo500]

Hello Everyone,

I'm pretty new to the P&C industry and was wondering if I could get some input in a situation I am in.

I have a client that operates a nail salon who had a loss of $30000 on their BOP policy and they decide to cancel the policy because of an increase in their premium on their renewal.....

now it's been awhile since the policy cancelled and they decide to buy insurance again for their store...I ask what their insurance company was at the time of the loss and they are like "...Rhode Island...or something." And ofcourse, how would they even remember the policy number if they don't even know their insurance company...

Anyways...here are my questions:

1. Does anyone know an Insurance company that sounds/is/contains the words "Rhode Island"?
2. How do I obtain a loss run report if they don't know the policy number?
3. How does insurance companies look into loss run records of applicants that come in with claims of no loss?

Appreciate any info...

 

[Air Jer]

Don't waste your time on this one. Move on and find something better to work on.

 

[insurance1822]

$30,000 loss...then cancels the policy when their rate goes up? Now wants insurance again & doesn't even know the name of their company? I agree with Air Jer, don't even waste your time.

 

[Bertolinoins]

X3... that is not a good prospect. You only really make money on BOP's if they renew year after year... that industry is suspect and the client sounds even more flakey... the chances of them paying monthly and renewing for several years is very slim... which makes the account a waste of time.

 

[Soaringagent]

x4 ... did you talk with this prospect again? maybe surplus lines

 

[Guest]

Hello Everyone,

I'm pretty new to the P&C industry and was wondering if I could get some input in a situation I am in.

I have a client that operates a nail salon who had a loss of $30000 on their BOP policy and they decide to cancel the policy because of an increase in their premium on their renewal.....

now it's been awhile since the policy cancelled and they decide to buy insurance again for their store...I ask what their insurance company was at the time of the loss and they are like "...Rhode Island...or something." And ofcourse, how would they even remember the policy number if they don't even know their insurance company...

Anyways...here are my questions:

1. Does anyone know an Insurance company that sounds/is/contains the words "Rhode Island"?
2. How do I obtain a loss run report if they don't know the policy number?
3. How does insurance companies look into loss run records of applicants that come in with claims of no loss?

Appreciate any info...

I have a feeling the company cancelled the BOP for that claim and maybe several more and the prospect isnt being up front with you. Maybe now they fear another loss or a lender or landlord wants an addl insd. endsmt to comply with the lease?? Any business owner that can't come up with loss info like that is just bs'ing you, imho. You just dont toss stuff like that..
Run...run far away!!!!!!!!!!!!!!!!