Final answer:
Commercial inland marine policies require the insured to submit a signed, sworn statement of loss. This statement helps the insurance company verify the legitimacy of the claim and determine the appropriate amount to pay the insured.
Step-by-step explanation:
Commercial inland marine policies require the insured to submit a signed, sworn statement of loss. This is an important part of the claim process and helps ensure that the insurance company has accurate information about the loss.
The signed, sworn statement of loss is a legal document that the insured must provide to the insurance company. It includes details about the loss, such as the date and time it occurred, the cause of the loss, and the amount of the loss.
By requiring this statement, the insurance company can verify the legitimacy of the claim and determine the appropriate amount to pay the insured.