Why it matters for your company
Loss runs are the evidence of your claims history. A clean run for three to five years supports pricing, and a company with no prior insurance simply reports that.
Order them early when moving insurers, because some take weeks to produce. An open claim with a large reserve reads badly even if you expect it to close for little, so a short note explaining it helps the underwriter.
Related terms
- Broker of recordThe licensed broker an insurer recognises as representing you on a policy or a submission. A broker of record letter from you moves that authority to a different broker.
- DeclinationAn insurer's refusal to quote or renew a risk. It records one insurer's appetite on one submission, and other insurers can see the same company differently.
- BinderA temporary written confirmation from the insurer that coverage is in force on agreed terms while the full policy is being issued. It is enforceable for the period it states.