What is causes of loss forms

What is a loss form?

The Proof of Loss form is an official, notarized, sworn statement from the insured to the insurer concerning the scope of damage to their property. The insurance company uses this information as a basis for determining their liabilities for the property loss.

What are the 3 causes of loss?

There are three causes of loss forms: the basic, broad, and special causes of loss forms. The basic and broad causes of loss forms are named perils forms; they provide coverage for loss from only the particular causes that are listed in the policy as covered.

What are the advantages of the special causes of loss form?

It provides coverage for risks of direct physical loss unless, of course, they are excluded or limited. Unlike the Basic and Broad forms, which only cover what's listed, the Special form covers everything except what's listed in the called-out exclusions, limitations, and conditions.

Which cause of loss form provides the most coverage?

The most expansive form of insurance coverage is Special Form. In policies that use the special form type of coverage, instead of the perils covered being listed, the EXCLUSIONS are listed. In other words, unless the policy states a peril isn't included, it's included and your potential loss is covered.