Your proof of loss is the easy way for your insurance company to make you swear that your version of events is true. When you read the terms of your policy, you also realize that they also want documentation of your claims. Estimates, inventories, receipts, etc. proving that your proof of loss is true. As a policyholder, your client is required to submit to an EUO, which is a formal procedure in which they are questioned under oath on matters related to loss, right and coverage. This is done by the insurance company`s representative, usually by the lawyer, and in the presence of a court reporter. This can be used by the insurance company if it discovers a dubious claim that it wants to limit or deny. If you and the insurance company`s adjuster disagree on the amount of depreciation that should apply, this could result in the insurance company rejecting your proof of loss document. If so, what happens? Do you submit an amended proof of loss document? The answer is «maybe.» Once you have submitted proof of loss, you have fulfilled your obligation under the insurance requirements and the insurance company is technically unable to require additional proof of loss.
In practice, you may want to do this so that the adjuster accepts a different amount so that you can get funds to start repairs. However, an affidavit to prove loss is a document submitted by a policyholder when an incident leads to an insurance claim. For example, if you have a car accident and your vehicle is damaged, your insurance company will ask you to submit this document that will provide the company with the value of the loss. At Michigan Fire Claims, Inc., we provide our clients with modified proof of loss that includes additional wording to reserve the policyholder`s right to modify and correct proof of loss if necessary. Having helped homeowners and business owners across Michigan with all aspects of their insurance claims, we know how to keep you away from the pitfalls that could jeopardize your insurance success. The Proof of Loss form is an official, notarized affidavit from the insured to the insurer on the extent of property damage. The insurance company uses this information as a basis for determining its liability for property damage. Once submitted by the insured, the insurance company must review the claim and respond with its position on the claim. Once you have suffered a loss and made a claim with your insurance company, the company`s claims adjuster will provide you with one or two blank pre-printed proof of loss forms. The adjuster will not help you fill out the form because they want all the information to come from you. You will then need to try to determine what information should be filled in the blanks of the form.
Your policy is certainly at the heart of what your insurance company owes for your damage and when. Equally important, however, are the laws of the state. These sometimes take precedence over political provisions. If you don`t know which laws affect your claim, you`re vulnerable to a variety of issues, including abuse and a small settlement. If, after your affidavit, the insurer determines that it wishes to proceed with your claims investigation, it may ask you to undergo an affidavit (SUTE). In such cases, the insurance company will hire one of its lawyers to ask you questions about your personal proof of loss. An EOU is a court case in the presence of a court reporter and punishable by perjury. It is not advisable to take an exam under oath without prior representation or preparation, even if you feel like you are not hiding or fearing anything.
There is simply too much at stake. These requirements are set out in the section of your policy entitled «Section 1 Conditions, (2) Obligations to one or more insured persons». In this section of your policy, you will find a list of several things you need to do in case of loss. This list includes the requirement that you provide the insurance company`s representative with a very detailed document that captures all the legally required information about your claim. Complete the «Time or Origin» section of the affidavit. Add the time and date of the loss. Enter the purpose of your property under «Occupancy». For example, if the property is your principal residence, enter «Residence» on the line provided.
The amount of your replacement expense claim and the amount of your actual present value claim must be determined. The replacement fee claim is only payable after you have actually repaired or replaced your property, so a depreciated amount will be charged, which will be paid to you once the loss compensation process is complete. Sometimes it is quite difficult to determine these two numbers. You may know that your hail-damaged roof costs $7,500, but how do you calculate depreciation to get actual present value so you can get money for repairs? Basing your depreciation on age could be a way to determine how much to deduct, but age alone isn`t the only factor to consider. Is your damaged roof covered with 20-year-old shingles, 25-year-old shingles, 50-year-old shingles, or something that doesn`t depreciate much at all, like slate bricks? Since each asset is unique, this also applies to the calculation of the amounts that must be recorded in the proof of loss document. Completing a proof of loss form requires a copy of your insurance policy. .