What is a proof of loss?

A proof of loss is a crucial document in the claims process for insurance, particularly in property and casualty insurance. It serves as a formal declaration by the insured that outlines the specific details surrounding a loss event. This includes a sworn written statement providing comprehensive information about the incident that caused the loss, the related damages, and the amount being claimed.

This document is vital because it provides the insurer with the necessary details to process the claim accurately and expeditiously. It serves as evidence of the loss which the insurer requires to evaluate the claim and decide on the appropriate compensation.

In contrast, a verbal claim to an agent does not offer the formality and detailed account required for claims processing. An informal notice does not fulfill the need for detailed documentation. Similarly, a general acknowledgment of the claim lacks the specificity and sworn affirmation that a proof of loss presents, making it insufficient for the purpose of substantiating a claim.