Property-casualty insurance is a mystery to most. How do the insurers set those rates, and why did your premiums go up, even if you had no claims. Maureen Crimmins of Crimmins Wealth Management in Woodcliff Lake, N.J., has one answer, a document that the carriers keep that few know about:
Larry Light: OK, so why as your automobile or homeowner’s insurance premium risen substantially even though you haven’t had any claims or received any tickets for driving infractions?
Maureen Crimmins: The cause could be an error in your C.L.U.E. report. The report database is called C.L.U.E., or Comprehensive Loss Underwriting Exchange, by LexisNexis Risk Solutions.
Light: What’s that?
Crimmins: It’s essentially like a credit report for insurance companies. It includes a five- to seven-year history of claims you’ve filed. The majority of insurance carriers provide claims data to it—data that includes names, birth dates and