Insurance
Property Fire Claim — Building Damage Reserve
Setting up a reserve for a major fire loss at a commercial property.
| Account Name | Type | Debit ($) | Credit ($) |
|---|---|---|---|
| Claims Expense — Property Fire | Expense (+) | 500,000.00 | - |
| Outstanding Claims Reserve — Property | Liability (+) | - | 500,000.00 |
💡 Accountant's Note
Large property losses are immediately notified to reinsurers and a substantial case reserve is set. The loss adjuster's preliminary estimate forms the basis of the initial reserve.
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