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What is a loss background record?

What is a loss background record?

What is a loss background record?

Insurance claims info readily available from C.L.U.E. data source Home Owners + Occupants Insurance Policy
A Loss Background Record is a record of insurance that covers losses related to a home or a car. Most homeowners and also automobile insurance companies contribute claims history information to a database referred to as the Comprehensive Loss Financing Exchange (C.L.U.E.), which is readily available from LexisNexis. The information is typically used by insurance providers when they underwrite plans.

If you are getting a residence it is an excellent idea to ask the existing property owner to request a copy of the C.L.U.E. loss history report. These reports give a record of the type of loss on the residence, the day of the loss as well as the quantity and status of each insurance claim– going back five years. By regulation, one free record is allowed annually. For residences, an A-PLUS TM building report is additionally available from ISO ®. If the record suggests there have actually been damages to your house, you can have it examined by a professional before dedicating it to the acquisition of the house.

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