Business Insurance Proof of Loss

[Mataracy]

DID INSURER REALLY NEED PROOF OF LOSS BEFORE THEY ACCEPT THE LOSS FROM INSURED?
Some time when we look at this we might say since the insured has complain that he or she made a Loss on any thing that the next thing to do is to come to the aid of that insured person .
Following the notification, the insured must supply the details or particulars of the loss to the loss to the Insurer . Indeed the burden of the proof of loss rests solely on the shoulders of the insured who has to convince the insurers with supporting documents or evidence to show that he is entitled to claim under the policy. In fact, he has to satisfy the insurer not only that a loss has occurred, but also that it is a loss covered by an insured peril, and if he fails to prove the loss, his claim is bound to fail.
In fairness, the insurer should be open and unbiased when the insured is proving the loss. If the insurers discovers that the insured is privy to the loss, they have to prove it. In this case the burden of proof will shift to the insurer. Indeed, it is vital that the insured supplies correct t facts or the true position in filling the claims firm or by any other method of substantiating his claim..
I think we can see how the proof of Loss is very important to insurance company.

 

[btaliat]

There is need for the insurance company to investigate to the letter. This ia to acetain if truly the incident happens. Failure to do this will allow the insurers to be intentionally cause damage to whatever they insure with the aim of benefitting at the expense of the insurance company.

 

[Chibson]

Of course, proof of loss is very important to an insurance company because they cannot just compensate you without giving them proofs. If an insurance company does not request a proof of loss then unscrupulous people will capitalise on that opportunity to scam the insurance company which will definitely lead them out of business.

 

[sincerem]

Insurance company must sure investigate what truly transpired before offering the beneficiary the benefits involved in the business insurance policy he or she choose for. Without investigation don't you know that, lots of persons will come to trick insurance, that's why insurance makes sure everything is in line, and no one cheats.

 

[Wisdom01]

I think the insurance company also tries to verify your claim before compensating you ,so they should also bring in a proof of loss just incase the risk dosent occur , atleast it would show some level of transparency from the insurance company ,and build the relationship with the client ,

 

[Chibson]

An insurance company needs proof of loss whenever you want to demand a compensation for your damage your property or any other thing as the case may be. it is always very important that individuals disclose the true information pertaining to the losses they have accrued on the long run.