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Notice of Loss

What Does Notice of Loss Mean?

Notice of loss refers to a formal communication or notification that an insured individual or entity must provide to their company to report a claim.This can include situations such as a car accident, a fire at a home, or theft of property.

 

This notification serves as the first step in initiating the claims process. The insurer will use the information provided in the first notice of loss to begin investigating and determining the appropriate course of action.

 

It is important to provide accurate and detailed information about the incident, including the date, time, location, and a description of what happened. Embracing any relevant documentation or evidence, such as photographs or police reports, can also help support the claim.

 

The purpose is to guarantee that the company is aware of the loss and can begin the process promptly. Failing to provide timely notice may result in delays or even denial of the demand.

How Does Notice of Loss Work at PSIC?

It is important for you to know that in the event of a loss, PSIC is not responsible for providing coverage if the policyholder fails to meet their duties. That is why it is crucial for you to immediately give notice of loss, in the report so that we can activate the coverage.

 

If you have any doubts, consult with your producer.

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