What is a Sworn Statement in Proof of Loss?

A Proof of Loss (POL) is a formal document you must submit to your insurance company after a loss. It's your official statement detailing the scope of the damage and the amount you are claiming. It is a sworn statement, meaning you are attesting to its accuracy under penalty of perjury.

Why is it Important?

• It's Required: Most insurance policies require you to submit a POL within a specific timeframe (often 60 days) after the company requests it.
• It's Your Claim: This document formalizes your claim. The value you put on your POL is the amount you are officially demanding for your loss.
• It's a Negotiation Starting Point: The POL is the foundation upon which claim negotiations are built.

How to Fill Out a Proof of Loss

Our app helps you generate this document, but here's a breakdown of the key components:

1. Basic Information: This includes your name, address, policy number, claim number, and the date of loss. Our generator prefills this from your profile and claim details.
2. Schedule of Property and Amount Claimed: This is the most critical section. It's a detailed list of all damaged or destroyed property.
   • Description: Be specific. Instead of "TV," write "Samsung 65-inch 4K Smart TV - Model QN65Q80A."
   • Actual Cash Value (ACV): This is the value of the item just before it was damaged. It's typically the replacement cost minus depreciation. For building materials, it's the cost of the materials and labor.
   • Amount Claimed: This is what you are asking the insurance company to pay. For items, it might be the ACV or the Replacement Cost Value (RCV), depending on your policy.
3. Sworn Statement Clause: The document includes legal language where you swear that the information is true and accurate. Lying on a POL is insurance fraud.
4. Signatures: You (the insured) must sign the document. In some cases, it may need to be notarized.

Tips for Success

• Be Thorough: Use your inventory from the Claim Ready app to ensure you don't miss anything.
• Don't Rush: Take your time to be accurate. It's better to be correct than fast.
• Use Our Generator: The Proof of Loss Generator in the Claims Center is designed to pull your claimed items and format them correctly, saving you time and reducing errors.