The loss history report includes every relevant variable that the broker and association can identify.
Those claims might be sent directly to the carrier because of state legal requirements; still, the broker must receive a copy of the report and the loss history report that goes with it.
For example, after analyzing the loss history reports, the broker and the association staff might decide to inform members about common problems and to share loss-prevention ideas through special newsletters or seminars.
These include requesting a loss history report
, ordering a roof inspection, or potentially eliminating inspections that may be unnecessary.
The suite includes 360Value for replacement cost estimates, A-PLUS(TM) Loss History Reports
, and LOCATION PPC (Public Protection Class) for fire risk management.
In 2004, laws protecting the use of loss history reports
generated by the Comprehensive Loss Underwriting Exchange were enacted in nine states: Arizona, Colorado, Georgia, Maine, North Carolina, Oklahoma, Utah, Virginia, and Wyoming.
"Loss history reports
on individual dwellings are a vital source of information that companies need to adequately assess the risk associated with insuring a particular home," he said.
* FirstBest Connector for Verisk provides a more complete picture of the risk --The packaged FirstBest Connector delivers integration to Verisk for electronic delivery of more than 50 commercial and personal property and auto data and analytics, including A-PLUS property and auto loss history reports
, Coverage Verifier, LOCATION reports, catastrophe reports, motor vehicle reports and more from Verisk.
"The biggest concern that has been expressed by lawmakers and regulators deals with the fact that loss history reports may include not only filed claims for damages, but also include as 'claims' virtually any call or coverage inquiry to an insurance company, whether or not a claim is filed," said Lynn Knauf, policy manager in PCI's personal lines and research division.
Typically, loss history reports also include general information about the insured, such as name, birth date, and current and previous addresses.
Companies use loss history reports for evaluating potential customers, generally upon receipt of a new business application, according to PCI.