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TeachMeFinance.com - explain Known Loss Known Loss -- 1. loss discovered before or at the time of delivery of a shipment. 2. An evident loss (as opposed to a concealed loss or damage to contents within a package.) 3. A loss of which the insured and/or the insurer is aware at the time the insurance is effected. Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.