Losing an insurance policy contract—whether it’s for life, health, or property—can be a stressful experience. Many policyholders worry that the loss of the physical document invalidates their coverage. Fortunately, under Philippine law and insurance industry practice, a lost policy does not mean lost protection. However, you must formalize the loss through an Affidavit of Loss to secure a replacement and protect your interests.

This article outlines the legal requirements, the purpose of the affidavit, and the step-by-step process for replacing insurance documents in the Philippine context.

I. The Legal Significance of an Affidavit of Loss

An Affidavit of Loss is a legal document—a written statement confirmed by oath or affirmation—used to declare the loss of a specific item. In the Philippines, this is a requirement under the rules of most financial institutions and insurance companies regulated by the Insurance Commission (IC).

Its primary functions are:

Notice to the Insurer: It officially informs the company that the original document is no longer in your possession.
Protection Against Fraud: It serves as a safeguard in case an unauthorized person finds the document and attempts to make a claim or a policy loan.
Basis for Reissuance: It provides the legal "proof" the company needs to void the old policy number (if applicable) and issue a "Duplicate" or "Replacement" policy.

II. Standard Requirements

While specific requirements may vary slightly between providers (e.g., Sun Life, Pru Life, AXA, or BPI MS), the following are standard:

The Notarized Affidavit of Loss: The document must be signed by the policyowner and notarized by a commissioned Notary Public.
Valid Government-Issued ID: A photocopy of at least one (often two) valid IDs (e.g., Passport, Driver’s License, UMID, or Philippine ID).
Replacement Fee: Most companies charge a nominal fee (typically ranging from ₱200 to ₱500) for the printing and administrative costs of the new policy booklet.
Policy Amendment/Request Form: A company-specific form where you formally request the replacement.

III. How to Draft the Affidavit of Loss

You can have a lawyer draft this, or use a standard template. To be legally sufficient, it must include:

The Affiant’s Details: Your full name, citizenship, civil status, and residence.
The Specifics of the Policy: The name of the insurance company, the policy number (if remembered), and the type of insurance.
Circumstances of Loss: A brief explanation of how the document was lost (e.g., misplaced during a house renovation, lost during a flood, or stolen). It must state that "diligent efforts" were made to find it.
The "No Transfer" Clause: A statement that the policy has not been pledged, sold, or encumbered to any other person or entity.
The Binding Signature: Your signature and the "Jurat" (the part where the notary signs and seals).

IV. The Replacement Process: Step-by-Step

Contact Your Agent or the Customer Service: Notify them of the loss. They can provide your policy number if you have forgotten it.
Prepare the Affidavit: Draft and have the document notarized. Ensure the details match the records held by the insurer.
Submit the Documents: You can usually submit these via:

Physical Branch Visit: The fastest way to ensure documents are accepted.
Authorized Courier: Mailing the original notarized affidavit to the head office.
Digital Submission: Some modern insurers allow an initial upload via their portal/app, though the original physical affidavit is usually required eventually.

Pay the Processing Fee: Settle the fee through the insurer’s authorized payment channels.
Await Processing: It typically takes 5 to 10 business days for the insurer to verify the request and print the replacement document.

V. Important Considerations

Lost vs. Stolen: If the policy was stolen along with other valuables, it is advisable to also secure a Police Report, though the Affidavit of Loss is usually sufficient on its own.
Electronic Policies (e-Policies): Many insurers now issue digital policies. If you have an e-policy, a physical "loss" is irrelevant as you can simply re-download the PDF. However, if you requested a physical copy and lost it, the affidavit may still be required.
The "Owner" Must Sign: Only the Policyowner (the person who pays the premiums) can sign the affidavit, not necessarily the Insured (if they are different people) or the Beneficiary.

Note: If you find the original policy after the replacement has been issued, the original is considered null and void. You should ideally surrender the old copy to the insurance company or destroy it to avoid confusion.

Would you like me to provide a basic template for an Affidavit of Loss that you can adapt for your specific insurance company?