What are loss runs on Professional Liability for architects/engineers? The loss runs are a claims history report on your firm’s Professional Liability policy. It provides details of claims or pre-claims that have been reported to an insurance company.
The loss runs will list your firm’s name, each specific policy period that your firm had a policy with the specific insurance company, the policy number for the policy period and details of the claim.
Each specific claim will be detailed on the loss runs. The date the insurance company was notified of the claim, the claim number for the insurance company, the claimant’s name, the loss paid, expenses paid, total amount incurred with the claim, the status update of the claim and the claim type. The status update of the claim will detail if the claim is opened or closed and if it is closed, the date the claim was closed. The claim type is a pre-claim or claim. There are some insurance companies that may list the claim type as a circumstance.
Some insurance companies will list a reserve amount. This is the amount that the claims representative anticipates the total claim loss will be with indemnity (loss paid) and expenses paid.
Loss runs from different insurance companies will include different items. Some examples are, a brief loss description, claims representatives name, medical paid and deductible amount paid. Each insurance company’s loss runs will look slightly different.
Some insurance companies will have a look back period of five years, this is most common. There are some insurance companies that would like to see ten years of loss runs. This will depend on the size of your firm and possibly project types.
If your firm has any questions with regards to loss runs on your Professional Liability policy please call or email your Professional Underwriters agent for assistance.