Loss runs are a required component of a successful application. They document an organization’s prior workers’ compensation claims. Missing loss runs or incorrect information may adversely impact the quote and premium pricing.
As part of the submission process where prior insurance is indicated, it is a requirement to enter detailed loss information in the loss information fields in our online submission tool. For the loss history, we will require:
- Four years of loss runs from prior carriers valued within 100 days of the policy inception date.
- Detailed loss information.
- Total premium and payroll for each year.
Please note, we reserve the right to close the submission if complete loss run information is not provided. Failure to input complete loss run information may delay the quoting process and will have an adverse impact on the premium pricing after the post bind review process.
If loss runs can't be included with the submission, please provide a detailed explanation for the reason.
In addition to completing the loss run information fields, brokers are required to upload loss run documents directly into the online submission tool. Please be aware, any missing loss run information will need to be provided for the post bind review process.
Common loss run terminology
Indemnity claims: Total number of claims where your injured/sick employee(s) missed work and received medical care. Sometimes defined as: Loss time, Loss Statuses, Claims Occurrence, Claim Count, Number of Disability Claims, or Number of Indemnity Claims.
Medical Only Claims: Total number of claims that required healthcare provider attention, without missed work. If not itemized on claim history report, enter as zero. Sometimes defined as: Med Only, Med Claims, or Number of Medical Claims Open and Closed.
Total Incurred Losses: Total incurred medical and indemnity costs (paid and outstanding) plus expense amounts. Field may also be referred to as Total, Total Incurred, Loss Values, Net Incurred, or Total Incurred Losses and Expenses.
Total Incurred Expenses: Total costs from defending a claim, penalties, interest, and medical cost containment. Sometimes defined as: Expense, Expenses, Loss Adj. Expense Total Incurred, ALAE (Allocated Loss Adjustment Expense), Expense Incurred.
Third Party Administrator (TPA) - a company that contracts with self-insured employers, public agencies, or worker’s compensation insurance carriers to adjust claims. Loss runs submitted by a TPA must be on TPA letterhead and contain complete information.