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.
These include requesting a loss history report
, ordering a roof inspection, or potentially eliminating inspections that may be unnecessary.
For the purposes of cost containment, many insurers order loss history reports just before a policy is bound.
Like many insurers, Homesite used to make a trade-off between ordering loss history reports at bind to save money versus a more accurate initial quote, said Stephen Stayton, vice president and chief actuary at Homesite Insurance.
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.
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.