A loss run report details claims that a business or person has over a range of policy periods. It shows the date of the loss, amount paid, reserve amount, and whether it is OPEN or Closed. They can also show the named insured, effective dates, carrier name, policy number and additional information about the claims.
The loss runs report is used by underwriters to assess the risk. This means they look at the loss runs to qualify the potential client and to assign the proper rate.
Now you know the basics of Loss Runs!
Linn T. Hodge & Sons
Here for you since 1929!