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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. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". 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.