Loss Runs- When to Get Them?

[Placementkid]

So there's been a debate in our office about loss runs. Some say they don't want to get them because it will tip off the insured, others just want a quote based on no losses and others just get them every time, no matter what.

So how do you handle the loss run question with the UW's?

When do find it appropriate to get loss runs?

 

[nyc2phi]

So there's been a debate in our office about loss runs. Some say they don't want to get them because it will tip off the insured, others just want a quote based on no losses and others just get them every time, no matter what. So how do you handle the loss run question with the UW's? When do find it appropriate to get loss runs?

I usually quote based off no losses assuming they tell you they've had no losses. Once the insured agrees they want to move forward I'll request them from him/her.

Don't want to ruffle to many feathers getting them early on with no indication that I can actually help or not.

 

[Placementkid]

I usually quote based off no losses assuming they tell you they've had no losses. Once the insured agrees they want to move forward I'll request them from him/her.

Don't want to ruffle to many feathers getting them early on with no indication that I can actually help or not.

So let me ask you this...if you had a week to write an account, would you go right ahead and ask for the loss runs or still wait until you had a competitive quote?

 

[hesse]

depends on the relationship with the company/underwriter

 

[jlanier]

In my experience it depends on the situation in which I order them. Most of my carriers don't require them until binding if at all. However, as you probably know customers often "forget" they did have a $40k claim 6 months ago so unless they sign a no loss statement I do get loss runs prior to binding. I have a list of nearly all carriers loss runs request email or fax #. I send it directly a week prior to closing and 9 times out of 10 have no issue receiving them promptly. The carrier sometimes copies the incumbent but with the 7 days the incumbent has little time to remarket or get credits and still present to the insured.

 

[Arnage150]

I hate loss runs. I wish there was a system like a CLUE report in personal. Million dollar idea right there. I don't know why it doesn't exist.

 

[nyc2phi]

I hate loss runs. I wish there was a system like a CLUE report in personal. Million dollar idea right there. I don't know why it doesn't exist.

It does...

http://m.risk.lexisnexis.com/products/insurance/clue-commercial.aspx#content-nav

They won't call me back on pricing however

 

[Arnage150]

It does...

http://m.risk.lexisnexis.com/products/insurance/clue-commercial.aspx#content-nav

They won't call me back on pricing however

Interesting, I didnt know they offered that. The catch is how money insurance companies contribute to their database. And all for companies to start relying on that instead of paper loss runs. I have not heard of any companies accepting that.
Could be a step in the right direction tho.
Let me know if you ever talk to them and find out more info.

 

[MrGolf]

95% of the time I ask for loss runs right up front. If someone is hesitant to ask for them then they may not be worth my time.

In the case of the remaining 5% it may be a situation where A) I can get a policy issued without them (smaller stuff) or B) I think another agent might be using the same market I am and want to get first in. Although in the latter case many carriers won't consider a submission without them as "first in."

 

[BigSteve]

It does... http://m.risk.lexisnexis.com/products/insurance/clue-commercial.aspx#content-nav They won't call me back on pricing however

I've been trying to get info on this for months now, no luck. Someone did tell me it's $1,000/ month, but I don't know how reliable that is.