Loss Run Release Form Generation
The purpose of this tool is to minimize redundant data entry, develop a resource for carrier contact management and provide an effective way to track the required task of ordering loss runs.
Written by rob g
Updated at April 6th, 2022
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Table of Contents
OverviewInsured InfoPolicy Terms Requested:Carrier Contact Info:Generate:Requesting Loss Runs:Tracking:Considerations:Rules???Overview
We have created a Loss Release Form template, which prefills with the available policy and contact data so all you have to do is confirm, add other lines as needed and send to your prospect for signature. Also included is a directory of carrier contact data specific to loss run requests so you know where to send and have a way to manage the info.
Access from the Modal (business details section) of a prospect. Click on the Pipeburst tab and choose Loss Runs.
Modal
Pipeburst
Insured Info
A release form requires particular information - Business name, address, an authorized contact, Policy information, and return information (where the carrier is going to send the requested loss runs). Release forms need to be on or resemble the insured's letterhead. It also needs to be signed by an appropriate party (company owner, manager/exec).
Named insured and address are prefilled based on Policy data. The contact is prefilled based on available contact data. You can edit these items by clicking on the edit icon.
Named Insured
Named Insured & Address: this should be exactly as listed on the insured's policy Dec (declaration) pages (First Named Insured). In theory, all of our prospects already have this information, but we know things change, and sometimes a DBA or additional named insured gets listed in lieu of the First Named Insured.
Contact
Contact: this should be an 'authorized' representative of the company - Owner, Partner, Chiefs (e.g. CEO), GM, Director - a position of authority. You must also have a phone number included here. If there are multiple contacts click the edit button to choose the appropriate contact (or add a new one). Use ONLY the insured's phone number here, not yours.
Fax/Return Info
Insured Fax: use only the insured's fax number, if available. This field displays in the insured's letterhead. Leave blank if unknown.
Return Fax: you can use the insured's fax but we recommend using your fax number so the loss runs are sent directly to you.
Request Email Response: this will add the appropriate text to your request (requires an email be entered in contact fields)
Important Note on Editing the 'Insured Info' Fields
In it's current version the only way to 'save' edited fields is to generate the request form. For example, if you add a fax number, but do not generate the form, it will not be saved. If you do generate the form it will save the information.
Policy Terms Requested:
Term and Coverage information prefills based on the WC policy data. You can quickly add the carrier to other lines or enter new carriers/lines.
Policy Terms
Adding Coverage/Terms
Whether you click the edit icon or carrier, the same pop up will appear. Clicking the edit button opens it blank, clicking the carrier name will prefill so you can simply add the other lines to update.
Updated Matrix
After submitting your changes the Term Matrix will update and the new carriers will be added for contact verification and form creation.
Carrier Contact Info:
We have compiled a directory of carrier contacts specific to ordering loss runs for you to use, and is designed for you to manage and maintain as your own directory. Coming in with over 700 email addresses and another 900 fax numbers it is a pretty good start (covers over 70% of the active policies in our database), however there is a degree of inaccuracy and there are gaps to fill in.
Fields
Click the edit icon to the left of the carrier name to add or update
Contact Editing
*Generating the release form will save your changes
Important Note on Editing the 'Carrier Contact Info' Fields
In it's current version the only way to 'save' edited fields is to generate the request form. For example, if you add an address, but do not generate the form, it will not be saved. If you do generate the form it will save the information.
Once saved the information will appear any time you are generating a request for that particular carrier.
Generate:
Once you are satisfied with the Insured Information, Policy Terms and Carrier Contact Info, click the Generate button to produce PDF(s) forms.
Requesting Loss Runs:
A signature is required, so once you've created your request forms send them to insured for signature. You should also decide who is sending the request to the carrier (you or the insured). This part is up to you, here are some things to consider:
Fax: if you have included your fax number as the return fax, you should be the one faxing the request. Note that many carriers will reject a request submitted by a third party so it is recommended that you do not include any type of identifying information (i.e. the header that displays your agency's name and fax at the top of the fax you are sending). Make sure you have a confirmation of transmittal so you know the date the request was received.
Email: if you have requested the carrier email them to insured, the insured should email the request. In this scenario it is suggested that the insured BCC you so you have confirmation of when the request has been sent. Note that some carriers only accept requests via email. If this is the case we recommend the insured (not you) email them to avoid delays.
Tracking:
The Carrier Contact section lists each carrier you're requesting from, so it makes sense to include tracking fields here. The Created Date is the date you generate the form (on the left). Once signed, send to the carrier(s). When you (or the insured) do, make sure to enter the date of your first request. Since some carriers need a nudge, make sure to enter the date you nudged them and finally when received.
Considerations:
This is a stealth process. The biggest benefit to going directly to the carrier is to avoid alerting the incumbent agent. If you like analogies, think of how a shark eats, the seal doesn't know it's on the menu until it's to late. Same concept applies to ordering loss runs. This isn't the only way a wise agent gets alerted to competition, but it is a big one. And we all know a fat, sleepy agent is the best opportunity to take on, so be like a ninja. Order them late if you know it's a clean risk...
Rules???
It is generally accepted that a carrier has 10 business days to provide loss runs following a request, however there is no set regulation that states this explicitly, with some exceptions (NY for example, does state this in their rules/regs). If you're aware of regulations that do define these parameters feel free to share the source and we will gladly review.
There are rules about what they cannot do, and what they cannot do is prevent you from doing your job in a professional capacity. So if and when you have to follow up on a request, we recommend you tactfully explain that it is not good faith to preclude you from doing your job. We also recommend you be realistic - you probably can't afford to sue a carrier for withholding loss runs, and it's really just a matter of ethics, so remind them of the fact and I'm sure you'll get what you need. Over time you'll find it's just a matter of tracking correspondence.