Property claims glossary
What is a statement of loss?
A statement of loss is the document that sets out what the carrier proposes to pay: the gross loss by coverage, depreciation, the deductible, prior payments and the net amount payable. It is where the estimate and the policy meet, so any figure that does not reconcile shows up here as an overpayment or an underpayment.
Worked example · fictitious claim
A statement of loss shows $42,000 RCV, $9,000 of depreciation and a $2,000 deductible, for a net ACV payment of $42,000 − $9,000 − $2,000 = $31,000. A $5,000 advance was already paid, so the check now due is $31,000 − $5,000 = $26,000.
How it affects a settlement
The statement of loss is the payment instruction, so its net figure is what actually goes out. A missed prior payment or the wrong deductible changes the check directly.
In practice
The document that itemizes what the carrier proposes to pay: line items, deductions, depreciation, deductible, and net payable. When the statement of loss doesn't reconcile with the estimate and the policy, money leaks. Reconciling it by hand across hundreds of lines is a working session; it is exactly the arithmetic ClaimVision reconciles.
Related
Deductible · Claims leakage · Property claim walkthrough · property claims glossary