C.L.U.E. stands for the Comprehensive Loss Underwriting Exchange, which is a database used by the insurance industry. Basically, it s a history of insurance claims against a property. A home s C.L.U.E. report stays with it for the duration of its existence, and stays with it throughout changes of ownership.
Homebuyers use a property's CLUE report to identify problems, which can compromise their ability to obtain insurance for the home or insure it for a reasonable cost. For example, the CLUE report could distinguish if the property had fire or flood damage or had been the victim of burglary.
Like a personal credit report, property owners can order a C.L.U.E. report, free of charge, once a year by visiting LexisNexis Risk Solutions, a consumer reporting agency.
C.L.U.E. reports let potential home buyers know about water damage, mold, and other issues that can make it difficult or even prohibitively expensive to insure a home. Without viewing the report, big trouble may be brewing for buyers who simply assume that they will receive an insurance policy for their new home.
A C.L.U.E. (Comprehensive Loss Underwriting Exchange) report provides a history of your property insurance claims for homes, rentals and vehicles. It's offered by LexisNexis Risk Solutions, and the information in the report is subject to Federal Fair Credit Reporting Act (FCRA) guidelines.
Claims generally stay on a CLUE report 5-7 years from the date filed.
C.L.U.E. reports go back five years into the history of a property. It's standard industry practice to purge losses over five years old.
Sellers: Home Sellers have the right to access a CLUE Report directly. ... So if a home buyer wants to know if a home is insurable, they simply need to ask us for an insurance quote and we will access a CLUE Report as part of that process.
To find out if a home has had previous insurance claims, view a CLUE report or a home seller's disclosure report. CLUE stands for Comprehensive Loss Underwriting Exchange and is a database of claim information. The claims listed in the database will indicate losses on a home that go back five years.
C.L.U.E. (Comprehensive Loss Underwriting Exchange) is a claims history database generated by LexisNexis® enabling insurance companies to access consumer claims information when they are underwriting or rating an insurance policy.
You can only sue a person for non-disclosure if he or she in fact had a legal obligation to disclose something to you. Usually this is not an issue since these lawsuits typically arise in the context of a purchase and sale. The seller has a legal duty to the buyer due to the existence of their contractual relationship.
Property sellers are usually required to disclose information about a property's condition that might negatively affect its value. Even if the law doesn't require disclosure of a problem, it might be wise for a seller to disclose it anyway.
The key principle in play supports that a loss should not hold up the sale or transfer of property. In fact, the insurance company cannot hold up sale and transfer just because there is a claim pending.
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