Proof Of Loss

Proof Of Loss A proof of loss is a formal statement you must file with your insurer requesting benefits be paid to you after a covered incident. A proof of loss is a formal document you must file with an insurance company that initiates the claim process after a property loss. It provides the insurer with specific information about an incident its cause, resulting damage, and financial impact. Once the insurer has received the proof of loss, it can send you a check for repairing or replacing your damaged item if it is covered with your policy. Is proof of loss required for all types of insurance? YES, insureds must file a proof of loss form to receive benefits under a commercial property insurance policy. All forms of insurance have a similar process for notifying insurers when a loss occurs. Each carrier has a specific form or a preferred format but generally it will contain; -Date and time -Incident precipitating the loss (storm, flood, theft, death,etc.) -Property involved in the loss -Nature and scope of damage incurred -Evidence of the loss (photos, police report, purchase receipts) -Current property replacement value -The party (or parties) with a financial interest in the property -The insurer will then process the form and determine how much it will offer the insured as a claim settlement. Under the proof of loss policy provision, you must file your form as soon as possible after the incident, but no later than the date specified in your policy (or governing laws). Your insurer can refuse to process your proof of loss form in the following cases: -You didn’t answer all the questions. -You failed to include supporting documentation. -You didn’t sign the form. -You didn’t have your signature notarized. In these instances, the company might return the form to you for revisions. However, it can’t reject your form just because it doesn’t like the amount of benefits you’re requesting if there is misrepresentation. #BeNewinsurance #InsurTech #inclusiveinsurance #insurance #reinsurance #takaful #climatechange