What Is a Proof of Loss Statement?

A proof of loss statement is signed for insurance purposes most of the time.

A proof of loss statement is a document used with insurance companies. It is a formal document an insured party prepares and forwards to their insurance company when a type of loss occurs.

Details

A proof of loss statement outlines detailed information about the loss that occurred. This information includes the date of the incident, the locations, the items damaged, the stated value of them and the total amount of the claim. All proof of loss statements vary slightly, but this information is included in all of them. Most insurance companies require the proof of loss statement to be notarized.

Events

Proof of loss statements are often filed after a natural disaster occurs and damages a person's property, such as a tornado destroying a person's home. In this event, the person with the damage would complete a proof of loss statement and give it to her insurance company.

Insurance Companies

After a proof of loss statement is filed with the insurance company, they begin investigating the claim. Insurance companies have the right to reject the claim or reduce the amount of the claim.

References

• Find Law: Waiving the Right to Demand Proof of Loss
• Irmi: The Basics of Property Claim Adjustment
• Get Free Legal Forms: Sworn Statement of Loss