What is an Agreement Of Loss (AOL)?
An agreement of loss is a document that stipulates the final amount that Sirago will provide cover for, for the particular Large Loss claim submitted. This outlines the final assessed amount per provider / doctor that Sirago will cover for, this excludes any shortfalls that fall within the policy exclusions.
Final pay out amounts may differ from the Agreement of Loss when a discount is negotiated with the Provider and the Provider is paid directly.
(Please refer to your agreement of loss for full details of the further agreement between parties)
Why do we need an AOL?
The purpose of the Agreement of Loss form is to finalise and close a claim once it has been paid. It should only be signed if all the Provider Accounts / Doctor accounts for that specific date have been submitted to our offices and the Stated Benefit amount is correct.
When do we need an AOL?
An Agreement of loss is needed when a claim shortfall meets a specific value agreed upon with the Insurer.
Who signs the AOL?
The policyholder of the Sirago policy needs to sign this document.
What happens if the client does not sign the AOL?
Should the policyholder not sign the Agreement Of Loss (AOL), no payment can be released for this claim.
What happens if Gap cover doesn't provide an AOL to be signed?
The Insurer will not release funds until a signed agreement of loss is received from the Policyholder.
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