Proof of Loss

Proof of Loss is a key document in foreign trade insurance and claims. It refers to the written materials submitted by the insured or consignee to the insurance company when formally filing a claim, used to prove the occurrence of loss, the extent of loss, and the claim amount. It is commonly used in marine and air cargo insurance, as well as cargo damage claims under letters of credit. Usage scenarios include: after the goods arrive at the port, if shortages, damage, water damage, or loss are discovered, the insured must submit a Proof of Loss to the insurer within the period specified in the policy, usually accompanied by a survey report, bill of lading, invoice, packing list, accident certificate, etc. Precautions: First, timeliness—it must be submitted within the claim period stipulated in the insurance clauses, otherwise the claim may be rejected; Second, probative value—it needs to be issued by a notary institution, inspection company, or carrier; a unilateral statement is often not accepted; Third, the difference from a 'claim list' and 'survey report': Proof of Loss is a formal claim document, a claim list is a detailed statement of the claim amount, and a survey report is the appraisal basis for the cause and extent of loss; the three are often used together. In addition, in letter of credit transactions, if the L/C requires submission of a Proof of Loss, the beneficiary should strictly follow the issuer, content, and number of copies specified in the L/C to avoid discrepancies.