Proof of Loss – What you Need to Know Here In Michigan
A Sworn Statement in Proof of Loss here in Michigan is a document the policyholder may be requested to submit following a property loss claim. The purpose of the Proof of Loss is to obtain a formal statement from the policyholder regarding the true circumstances and scope of the property loss. Insurance companies use the proof of loss to establish facts and determine their liabilities for the property loss. Public claims adjusters frequently are asked questions about this document. Here is some useful information to help you understand this process.
The information you are required to submit includes: personal data, proof of ownership, your statement regarding the date and cause of loss, your estimate of the property loss and documents that support your loss estimate and amount of claim submitted.
The sworn statement in proof of loss needs to be submitted within 60 days from the date the insurance company requests it. Failure to do so, results in denial of your claim and no payment for your otherwise covered property loss. If you are required to submit a Sworn Statement in Proof of Loss, you will be notified to do so in writing by the insurance company.In the case of extenuating circumstances, you may apply for an extension, but it’s at the insurer’s discretion to grant you one. If they do, they will notify you in writing. Do not assume you were granted an extension, unless you receive a letter stating that confirms it.