Notice sent to an insurer informing them that a loss has occurred. How and when this notice must take place is usually specified in the policy.
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Notice the insured provides to the insurer that a loss has occurred.
Insurance Encyclopedia
Notice of loss/occurrence
See: Notification Clause.
Notice to company
A notification, in written form, sent to the insurer, informing them of an event upon which a claim will be based.
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Written notice to an insurer of the occurrence of an event which a claim is to be based.
Notification
usually in the sense of the notification by an insurer of acceptance of a proposal, and an essential element of acceptance unless specifically waived.
Notification clause
Sets out the procedure the insured must follow on becoming aware of an occurrence that may lead to a claim. Notice may be required ‘immediately’, as soon as possible’ or within a specified time. The notice should include information as to the occurrence and, in the case of liability insurance, the insured is cautioned not to admit liability. The condition is a condition precedent to liability. See LAUNDRY LIST.
Notification of a Claim
Non-life insurance policies normally contain a condition requiring immediate notice of an occurrence that may give rise to a claim. In some cases a time limit is specified.
Notional Reinstatement Value Cover
A form of property insurance cover whereby the insured declares the reinstatement value at the outset of the insurance period and estimates an amount to allow for inflation for which an additional premium is payable in arrear, based on an adjustment.
Notional reinstatement value scheme
See: ‘Day One’ Of Reinstatement Cover.