If you’re running a business, you know that anything can happen at any time. Disasters can strike without warning, and when they do, you need to be prepared. One way to prepare for the worst is by getting a Loss of Run from Lloyds of London.
What is a Loss of Run?
A Loss of Run is a document that outlines the claims history of a policyholder. It gives insurers an idea of what losses have occurred in the past and helps them determine how much coverage to offer in the future. In other words, it’s an essential tool in assessing risk.
Why would I need a Loss of Run?
If you’re looking to get insurance coverage or renew your current policy, insurers will want to see your claims history. They’ll use this information to determine whether or not they want to insure you and how much coverage they’re willing to offer.
How do I get a Loss of Run from Lloyds of London?
Getting a Loss of Run from Lloyds of London is relatively easy. First, you’ll need to contact your broker or insurer and request one. They’ll then reach out to Lloyds on your behalf and request the document.
It’s important to note that there may be a fee associated with getting a Loss of Run from Lloyds. The amount will depend on the complexity of your claims history and how far back you need the document to go.
What information will be included in my Loss of Run?
Your Loss of Run will include information such as:
- The date each claim was made
- The type of claim (e.g., property damage, liability, etc.)
- The amount paid out for each claim
- The deductible for each claim
This information will give insurers a clear idea of your claims history and help them make an informed decision about your policy.
Conclusion
If you’re looking to get insurance coverage or renew your policy, getting a Loss of Run from Lloyds of London is a crucial step. It will give insurers the information they need to determine how much coverage to offer and at what cost. By following the steps outlined above, you can easily obtain this essential document and be on your way to securing the coverage you need.
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