What is the definition of Notice of Loss?

Notice of Loss refers to the notice that insurance companies requires when you suffer loss or property damage. This should be submitted in written form and must be submitted as soon as the insured person possible can do so.

The notice of loss includes the details of the loss and how they were incurred. The notice is important, since the insurance company may need to defend the insured, especially if he is the one at fault in the accident. This allows the insurance company to gather the evidence before these are lost, so as to be able to present a strong defense.

If notice of loss is not given right away, the insurance company may decide to deny all claims related to the event.

• Insolvency
• Misstatement of Age or Sex Provision
• Modified Premium Policies
• Moral Hazard
• Comprehensive Coverage