How do I know I have prior losses?

Prior losses are a list of your insurance claim history throughout the duration of your policy. Insurance companies keep track of these to ascertain claims made by their clients. When one applies for new insurance the insurance company agent asks for prior losses on their existing or former policies. It is like banks looking at the credit history of a person taking loan.

By looking at your insurance history, the insurers can get an idea of the insurance risk associated with you. They will accordingly raise their premium if required or may refuse to offer you insurance.

A previous loss report may contain the following:

  • The dates of claims of your losses.
  • Details about the incident leading to the loss like a fire, theft etc.
  • The amount of benefits paid till date.

To get your previous loss report contact your insurance company, provide your insurance policy details and indicate how many years of report you require. Normally reports of last five years are given.

To get prior loss report, you need to make the request by emails, or even by phone or post. It takes just a few hours to get the report as these days all data are computerized. It may also take a few days and the insurance companies provide the time taken to submit these. However, there are government regulations to provide these reports within a fixed time frame, so that the customer can easily avail of the services of a new insurance provider if they so want.

The prior loss history is also required in case of old properties. The insurance provider would like to know in the past, how many claims and on what grounds have been made on the property. This enables the insurance provider to ascertain the right insurance premium for the coverage to offer.