Why this review matters
Loss runs are insurer-issued claim reports for prior policy periods. A strong submission usually includes the requested number of years from every prior carrier, shows a recent valuation date, identifies open and closed claims, and explains what management changed after significant or repeated losses. A spreadsheet created by the business can help explain the history, but it may not replace carrier-issued reports.
Information to prepare
- Carrier-issued loss runs for every commercial auto policy and requested policy period
- Reports valued recently enough to satisfy the receiving market
- Claim date, driver, vehicle, location, cause, paid amount, reserve, total incurred, and status
- Narratives for large, unusual, repeated, litigated, or still-open claims
- Documented corrective action involving drivers, training, maintenance, routes, telematics, cameras, or supervision
Decisions to discuss
- Whether every policy period and carrier is represented
- Which open reserves need explanation or updated valuation
- Whether loss frequency indicates a recurring operational problem
- How corrective action changes the current risk compared with the historical record
Common pitfalls
- Submitting reports with an old valuation date
- Leaving a prior carrier or acquired fleet out of the history
- Describing claims without addressing their current reserves
- Claiming improvement without dates, records, or measurable controls
Frequently asked questions
What does currently valued mean on a loss run?
It means the insurer refreshed claim payments, reserves, recoveries, and status through a recent stated date. Requirements vary, but underwriters commonly want reports generated close to the submission date.
What is total incurred?
Total incurred commonly combines amounts paid with outstanding reserves, subject to the carrier's reporting format. It can change while a claim remains open.
Why explain corrective action?
The numbers show what happened. A specific corrective-action narrative helps an underwriter understand whether the cause was isolated, whether it could recur, and what the business now does differently.
Coverage descriptions are general. Availability, eligibility, limits, exclusions, and policy terms vary. Review actual policy documents and requirements with an appropriate insurance professional.