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report the loss on the claim for the insurable loss

Published 08/08/2012 03:06 PM   |    Updated 08/09/2012 01:09 PM

Sometimes on an insurable loss that we filed under the mortgagee clause, we repair the property with the proceeds. Do we still have to report the loss on the claim?

Yes the insurance loss proceeds must be reported on the claim even though the property has been repaired. Some of the items required to be reported include: claim date, amount of claim, amount applied to repairs, and amount applied to unpaid principal balance.