How To Obtain, Review, And Correct A Loss Run Before Renewal

Loss Run A record of prior insurance claims and losses, commonly requested during underwriting or renewal. Timely access and accurate loss runs are essential during the renewal cycle: carriers use them to price risk, brokers use them to shop the market, and insureds need them to verify that prior claims are correctly reflected. Errors or late loss runs can delay binding, increase costs, or lead to coverage surprises.

Start the process early. Most carriers will deliver a loss run if the insured or the insured’s authorized agent requests it; many states require carriers to comply within prescribed timeframes. Requesting loss runs 45–60 days before renewal gives insurers and brokers time to resolve discrepancies, provide context, and negotiate terms with competing markets.

Steps To Obtain A Loss Run

Follow a simple, documented process to avoid delays:

• Identify Authorization: Ensure the broker or agent has written authorization from the insured to request loss runs (signed MVR or ACORD authorization if needed).
• Request In Writing: Send a written request to incumbents listing policy numbers, policy periods, and the desired reporting window (commonly the last 3–5 years).
• Specify Format: Ask for CSV, ACORD, or carrier PDF export to facilitate comparisons between carriers.
• Track Deadlines: Note statutory or carrier response windows and follow up before the deadline expires.

How To Review A Loss Run For Accuracy

When the loss run arrives, reconcile it against internal records and payroll, especially for lines like workers’ compensation where exposure basis matters. Key checks include:

• Policy Match: Verify that the report covers the correct policy numbers and periods.
• Claim Totals: Compare paid and reserved amounts to internal loss accounting and vendor invoices.
• Closed Versus Open: Confirm that closed claims are showing as closed; stale open reserves can skew pricing.
• Duplicate Or Missing Entries: Look for duplicates or missing claims — both create problems during quoting.

Correcting Errors: Best Practices

If you find an error, act promptly and follow a documented escalation path:

• Prepare Evidence: Collect claim numbers, payment receipts, closure letters, subrogation recoveries, or court documents that prove the correct status or amounts.
• Send A Formal Request: Email the carrier’s claims or policy service contact with a clear list of corrections requested and the supporting documents attached.
• Follow Up: If no response within the carrier’s stated window, escalate to the claims manager, broker commercial lines rep, or the carrier’s producer support team.
• Regulatory Complaint: If the carrier refuses or delays unduly, file a complaint with the state insurance department — many states enforce strict production timelines for loss runs.

Presenting Loss Runs To Market

When soliciting quotes, present a clean packet to underwriters: a current loss run, a short narrative for any large or recurring loss, and documentation showing corrective actions. Markets respond better when you preempt underwriting questions rather than waiting for them to ask for clarifications.

Common Pitfalls And How To Avoid Them

• Waiting Until The Last Minute: Late requests compress time for corrections and can force insureds into higher-priced renewals.
• Assuming All Carriers Use The Same Format: Ask for consistent formats or convert reports into a single spreadsheet for comparison.
• Not Documenting Authorization: Without clear broker authorization, carriers may refuse to release loss runs due to privacy rules.
• Ignoring Small Claims: Clusters of small claims can raise red flags; address root causes proactively.

In short, the Loss Run is a mission-critical document in the renewal process: obtain it early, verify its accuracy, correct discrepancies with evidence, and package it with explanations and remediation actions when shopping the market. Doing so reduces pricing surprises and shortens the time needed to secure competitive renewal terms.