Loss Runs
Posted: Fri Jul 21, 2006 11:32 am
In reading the comments regarding loss history response time brought to mind a dilema I am currently having with an insured......
The property manager of a current HOA our agency insures recently asked me to quote the master condo property insurance and D&O for another one of her properties. While making this request she also told me that the property in question had had a fire loss in 02/06 which was one of the reasons they are shopping the insurance (something about the lack of response regarding the claim from the current carrier). Anyway... on to my dilema......I advised the property manager that among other things, we would need a copy of the loss history from the current carrier. She called her agent and emailed the loss history to me the very next day! Problem is that the loss history received does NOT indicate the 02/06 fire loss. The policy renewed 3/16/06 and the loss history I received had a current date and indicated it was history for the prior years and including the 05-06 term. I was very puzzled and asked her to request "updated" loss history that include the fire loss. She forwarded me a copy of the email she received from her agent that told her the loss history they sent was "all inclusive" of any claims for the policy periods indicated. Where is the fire loss???? Not to cast aspersions on any specific carrier but the carrier is Nationwide. She has contacted her agent 2 more times and has been told the same thing....that the loss history she received includes any claims they had. But it doesn't!
Does anyone out there know Nationwide's polcies regarding loss reports? Is it because the claim is still open that it doesn't show on the loss history report?
I am terribly confused by this as well as uncertain how to proceed. In order to market the business I need to accurately report to the prospective carriers that they had a fire loss while at the same time sending loss history that does not back that up. And you know I'm going to get the question... well, what was the value of the fire loss? I can't answer that.
Anyone have any suggestions?
Thanks lots!
The property manager of a current HOA our agency insures recently asked me to quote the master condo property insurance and D&O for another one of her properties. While making this request she also told me that the property in question had had a fire loss in 02/06 which was one of the reasons they are shopping the insurance (something about the lack of response regarding the claim from the current carrier). Anyway... on to my dilema......I advised the property manager that among other things, we would need a copy of the loss history from the current carrier. She called her agent and emailed the loss history to me the very next day! Problem is that the loss history received does NOT indicate the 02/06 fire loss. The policy renewed 3/16/06 and the loss history I received had a current date and indicated it was history for the prior years and including the 05-06 term. I was very puzzled and asked her to request "updated" loss history that include the fire loss. She forwarded me a copy of the email she received from her agent that told her the loss history they sent was "all inclusive" of any claims for the policy periods indicated. Where is the fire loss???? Not to cast aspersions on any specific carrier but the carrier is Nationwide. She has contacted her agent 2 more times and has been told the same thing....that the loss history she received includes any claims they had. But it doesn't!
Does anyone out there know Nationwide's polcies regarding loss reports? Is it because the claim is still open that it doesn't show on the loss history report?
I am terribly confused by this as well as uncertain how to proceed. In order to market the business I need to accurately report to the prospective carriers that they had a fire loss while at the same time sending loss history that does not back that up. And you know I'm going to get the question... well, what was the value of the fire loss? I can't answer that.
Anyone have any suggestions?
Thanks lots!