Understanding Clue Insurance Report

Are you planning to buy a new home or car and looking for insurance coverage? You might have come across the term “clue insurance report” while doing your research. Clue stands for Comprehensive Loss Underwriting Exchange, and it is an insurance database that keeps track of all insurance claims filed by an individual or company.

What is a Clue Insurance Report?

A clue insurance report is a record of an individual or company’s insurance claim history. Insurance companies use this report to assess the risk of insuring an individual or company. The report contains information about the type of claims filed, dates of the claims, and the amount paid out by the insurance company.

If an individual or company has a history of filing frequent insurance claims or making large claims, insurance companies may consider them high-risk and charge them higher premiums for insurance coverage. On the other hand, if an individual or company has a clean claim history, insurance companies may offer them lower premiums because they are considered low-risk.

How to get a Clue Insurance Report?

Under the Fair Credit Reporting Act, individuals have the right to request a free copy of their clue insurance report once a year. You can request the report from the insurance company that you are currently insured with, or you can request it directly from the clue database.

To request the report from the clue database, you have to fill out the request form available on the LexisNexis website. The form requires you to provide personal information such as your name, Social Security number, and date of birth. You also have to provide your current address and the reason for requesting the report.

Once you submit the form, the clue database will send you a copy of your report via mail within 15 business days.

What Information is included in a Clue Insurance Report?

A clue insurance report contains a detailed record of an individual or company’s insurance claim history. The report includes the following information:

FAQ

Why is a Clue Insurance Report important?

A clue insurance report is important because it helps insurance companies determine the risk of insuring an individual or company. Insurance companies use the information in the report to assess the likelihood of the individual or company filing a claim in the future. The report also helps insurance companies determine the premium rates for insurance coverage.

Can incorrect information be present in a Clue Insurance Report?

Yes, incorrect information can be present in a clue insurance report. If you find any errors in your report, you can dispute them with the insurance company or directly with the clue database. You have to provide evidence to support your dispute, and the insurance company or clue database has to investigate and respond within 30 days.

How long is the Clue Insurance Report maintained?

The clue insurance report maintains the information for seven years from the date of the claim. After seven years, the information is removed from the report.

Can other people access my Clue Insurance Report?

No, other people cannot access your clue insurance report. The report is confidential and can only be accessed by insurance companies, agents, and individuals with a permissible purpose, such as you or your attorney.

What is a permissible purpose?

A permissible purpose is a reason that is allowed by law to access confidential information. Insurance companies and agents have a permissible purpose to access clue insurance reports to make underwriting and claims decisions. Individuals have a permissible purpose to access their own clue insurance report or to dispute incorrect information in their report.

Conclusion

A Clue insurance report is a valuable tool for insurance companies to assess the risk and set premium rates for an individual or company. As an individual, you can access your report to ensure that the information is accurate and up-to-date. By understanding the clue insurance report, you can make informed decisions while shopping for insurance coverage.