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📬 '''Loss notice''' is the formal communication by which a [[Definition:Policyholder | policyholder]], [[Definition:Broker | broker]], or other authorized party informs an [[Definition:Insurance carrier | insurer]] that a [[Definition:Loss | loss]] event has occurred or may have occurred under the terms of an [[Definition:Insurance policy | insurance policy]]. Sometimes referred to as a notice of loss or first notice of loss (FNOL), this notification triggers the insurer's [[Definition:Claims management | claims-handling]] process and is typically a contractual prerequisite for coverage. In virtually every insurance market — from personal auto in the United States to commercial property in Asia to [[Definition:Professional indemnity insurance | professional indemnity]] in the London market — timely and accurate loss notification is foundational to how the claims lifecycle begins.

📝 Most policies contain explicit provisions governing the manner and timing of loss notice. "Claims-made" policies, common in [[Definition:Directors and officers insurance (D&O) | D&O]], [[Definition:Errors and omissions insurance (E&O) | E&O]], and other professional liability lines, often require notice within the policy period or a specified extended reporting window — missing the deadline can void coverage entirely. "Occurrence" policies tend to be more flexible on timing but still require notice "as soon as practicable." The information typically included in a loss notice encompasses the date, nature, and circumstances of the event; the identity of parties involved; an initial estimate of the [[Definition:Loss amount | loss amount]]; and any supporting documentation. In [[Definition:Reinsurance | reinsurance]] relationships, the [[Definition:Cedent | cedent]] is similarly obligated to provide prompt loss notification to its reinsurers, often under specific treaty or facultative terms.

⏱️ Prompt and thorough loss notice serves the interests of all parties. For the insurer, early notification allows timely investigation, evidence preservation, and engagement of [[Definition:Loss adjuster | loss adjusters]] or defense counsel — all of which improve the chances of an accurate and cost-effective resolution. For the policyholder, meeting notice requirements protects coverage entitlements and avoids disputes over late reporting. Delayed or incomplete notices can lead to [[Definition:Loss development | loss development]] surprises, complicate [[Definition:Subrogation | subrogation]] opportunities, and inflate claim costs. In the [[Definition:Insurtech | insurtech]] era, digital FNOL platforms, mobile reporting apps, and automated intake systems are dramatically compressing the time between event occurrence and loss notice, improving data quality and enabling faster triage across markets worldwide.

'''Related concepts:'''
{{Div col|colwidth=20em}}
* [[Definition:First notice of loss (FNOL)]]
* [[Definition:Claims-made policy]]
* [[Definition:Occurrence policy]]
* [[Definition:Claims management]]
* [[Definition:Loss adjuster]]
* [[Definition:Duty of disclosure]]
{{Div col end}}

Definition:Loss notice - Revision history

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