Los Angeles Claims Adjuster Property and Causality Practice Exam

What must an insured provide after a loss occurs under Commercial Property coverage?

1. A signed statement of loss

2. A written appeal

3. A list of damaged items

4. Proof of ownership

The correct answer is: A signed statement of loss

After a loss occurs under Commercial Property coverage, the insured is required to provide a signed statement of loss. This document serves as a formal declaration detailing the specifics of the loss, including the circumstances, types of damages, and the financial impact on the insured property. It is essential for processing the claim, as it establishes the insured's intent to seek compensation for the loss and outlines the details that the insurance company will need to assess the claim accurately. The signed statement of loss is critical because it not only informs the insurer about the nature of the loss but also serves as evidence that the claim is being made in good faith. This documentation is part of the claims process and is often stipulated within the policy terms, highlighting its importance in facilitating a smooth claims adjustment process.