Loss Report
What Does Loss Report Mean?
Loss reports are insurance documents commonly prepared for auto, homeowners, and renters’ policies. They provide details such as the date of occurrence, type of claim, the amount paid, and the amount reserved for each claim as of the report’s valuation date. Even if no claims have been made on a policy, a loss report should still be issued to reflect this.
Loss reports are also referred to as loss history reports.
Insuranceopedia Explains Loss Report
Loss reports are stored in a database called the Comprehensive Loss Underwriting Exchange (CLUE), which is accessible through LexisNexis. If you’re in the process of buying a home, it’s a good idea to obtain the loss history reports for any properties you’re seriously considering. By law, you can request one report per year for free. These reports may reveal potential issues with the property’s structure that you might want to have professionally inspected, such as by a contractor, before making a purchase. Claims are not kept on file indefinitely; they are typically removed after five to seven years.
