Total Comments: 5
Posted: Mon Oct 15, 2007 07:18 am Post Subject: C.L.U.E or Comprehensive Loss Underwriting
C.L.U.E or Comprehensive Loss Underwriting Exchange is the insurer's guidebook to judge the risk of loss associated with issuing you the policy. CLUE report reflects all the claims that you have made during the tenure of the coverage. Choicepoint, a data aggregation company creates and maintains the CLUE report. Insurance companies contribute their loss data to Cloicepoint, who then compile the data and make it available to the contributing firms. The CLUE report contains the following information:
Your policy information
- Type of policy
- Policy identification number
- Policy holder's name
Information regarding the reported loss
- Nature of the loss
- Description of the loss
- Reporting date
- Compensation paid towards the claim
Posted: Mon Oct 15, 2007 08:17 am Post Subject:
Great info Rupert, you have explained it very well in layman's term. The insurers are now depending more and more on CLUE report as a tool of underwriting. CLUE report is basically your track record with insurance claims. If you are quite frequent in filing claims, you may face difficulty in obtaining insurance in the future. That's not all, you may even be denied of a mortgage loan on the property you intend to buy if you can't find an insurer for it.
Normally, a single claim appears on the CLUE report for five years which is quite a long time. And your premium rate will largely depend on your claim history. Therefore, IMO, maintaining a fair claim record makes a good sense.
Posted: Mon Oct 15, 2007 09:08 am Post Subject:
Your insurer can drop you for various reasons- non-payment of the premium, misrepresentation of facts and of course the claim record. However, in case of renewing a policy insurer doesn't refer to the CLUE report because the immediate claim history is already available with them. But definitely when you apply for a new policy, the CLUE report may play a very important role. Andy
Posted: Mon Oct 15, 2007 05:00 pm Post Subject:
As well, CLUE will have the history of the vehicle, and will commonly have loss info that was reported by a previous owner. Once in a while, when changing carriers, an insurer will whack their new applicant for info on CLUE that didn't apply to the new policyholder.
Watch for this one...it'll get ya once in a while!
BTW: Choicepoint also deals with PLUS, or Property Loss Underwriting System, which is essentially the same thing for property losses.
Posted: Wed Apr 15, 2009 11:12 am Post Subject: clue report
how do you obtain your clue report how do you correct innacuracies