In commercial trucking insurance, a loss run report is a document that contains the history of all claims made against an insurance policy. It’s akin to a credit report that banks require and is one of the factors that informs a commercial truck insurance provider of your level of risk.
Through your loss run report, trucking insurance providers analyze the extent of the losses and the rate they occur against your policy. If you’ve made a lot of claims, this alerts insurers to your weak business practices. Severe claims and their frequency can also indicate whether you’ve gone through a one-time disaster or have ongoing hazards in your operations.
Through this report, a commercial truck insurance provider determines whether your business is a good fit for their company. If they assess you as high risk, they are likely to give you high premiums or reject you outright.
You can request for a loss run report through your respective commercial truck insurance provider. Remember to include details on how many years of claims history you need and when you need it, as some states mandate that providers give information within ten days after a request.
If you don’t have truck insurance yet, Assured Standard can help. Check out our guides on commercial truck insurance at Assured Standard’s blog today!