Many insurance companies demand a Sworn Statement in Proof of Loss (Proof of Loss). There are many possible reasons for a Proof of Loss, two of which are to give the insurer the necessary facts to facilitate its investigation of a claim of loss after it has received notice of claim and these facts help the insurer identify fraudulent claims.
Property insurance policies have requirements that set forth insured’s cooperation. The cooperation provisions are called the Conditions section of the policy. The Proof of Loss requirement is in the Conditions section of the policy.
A Proof of Loss is filled out by you, the insured, if you have had a property damage loss. The form helps to support the value of your claimed loss. It gives your insurance company important information required by the policy which includes the supporting evidence, information, and estimates of the amount of loss you are claiming to the insurer.
In an insurance claim, it is up to you to present and prove the amount of loss to the insurance company. The Proof of Loss form and the supporting documents you use assist you to make your claim.
The Proof of Loss form is notarized and is a sworn statement from the insured to the insurer concerning the scope of damage to their property. You must declare under penalty of perjury the information is true. The insurance company uses this information as a basis for determining their obligations to you for the property loss. Once the Proof of Loss is submitted by you, your insurance company will review the claim and respond with their position on the claim.
Properly completing and then submitting a Proof of Loss is critical to the claims process and your recovery; and if you do not properly or timely (or truthfully) fill it out, it can lead to underpayment, delays in getting paid or even denial of coverage.