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The Insured's Duties Under the Policy of Insurance
- Notice – You must give prompt notice of the loss to the insurance agent or the insurance company. If the loss involves a theft you must notify the police or it probably will not be covered. If the theft involves credit cards, you need to notify the credit card company/ies.
- Protection – You are required to protect the property from further damage.
- Inventory – You will need an inventory of damaged personal property (includes contents, tools and equipment for a commercial loss) prepared. The insurance policy requires that you provide full descriptions and values (depending on the coverage, either replacement value or actual cash value).
- Access – You are required to allow access to the insurance company (as often as the insurance company may reasonably require) so they can see the damage.
- Records – You are required to provide any requested records, including tax returns, that are pertinent to the loss.
- Examination Under Oath – You are required to submit to an examination under oath at the insurance companies request.
- Proof of Loss – You are required by the policy to submit a proof of loss promptly upon the insurer’s request.
- Additional Living Expenses/Lost Rents/Business Income Losses, etc. – You are required to document all additional costs with receipts and other applicable means.
- Assistance – You are required to cooperate with the insurance company in enforcing any right of recovery against a third party who may have caused or contributed to the loss.
- In addition, it is your responsibility to present the value of your loss to the insurance company if you disagree with their assement/s. This creates an added challenge as most policyholders are unable to assess the loss on their own. If a value disagreement does arise, taking advantage of the appraisal clasue may be your best solution.
The above list of duties is meant only as a summary and is not intended to include all insurance policy requirements. Policyholders should always read their own insurance policies to obtain a full description of their duties after a loss.
We make it our business to know the latest laws and guidelines relative to the field of insurance claims. Please, don't go it alone!™
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