What is an inventory

Building the inventory

Summary

Duties

All insurance policies list duties after a loss as part of the conditions of the policy. While some duties are always the same—to contact the insurer with information about the loss, for example—duties for different policy types may have some variances. Liability policies will require information as to injured parties, and property damage policies will require information about damaged property. The homeowners, tenant, and condominium policies all share some identical duties for property damage as follows:

 5. Prepare an inventory of damaged personal property showing the quantity, description, actual cash value and amount of loss. Attach all bills, receipts and related documents that justify the figures in the inventory; 6. As often as we reasonably require:

a. Show the damaged property; b. Provide us with records and documents we request and permit us to make copies; and c. Submit to examination under oath, while not in the presence of another "insured", and sign the same;

7. Send to us, within 60 days after our request, your signed, sworn proof of loss which sets forth, to the best of your knowledge and belief:

a. The time and cause of loss; b. The interests of all "insureds" and all others in the property involved and all liens on the property; c. Other insurance which may cover the loss; d. Changes in title or occupancy of the property during the term of the Policy; e. Specifications of damaged buildings and detailed repair estimates; f. The inventory of damaged personal property described in 5. above; and g. Receipts for additional living expenses incurred and records that support the fair rental value loss.

Analysis

 The insured is required to prepare an inventory of damaged personal property showing quantity, description, actual cash value, and amount of loss. Bills, receipts, and related documents that justify the figures are required to be attached. The insured is to also show the damaged property and provide records and documents so the carrier can make copies. This inventory is to become part of the proof of loss. Receipts, bills, and related documents are important not just for verifying value of damaged property but for proving existence of destroyed or missing property.