Known Loss Provision is a wording commonly included in a liability policy insurance contract that provides that the policy does not apply to losses of which the insured was aware prior to the policy period. In some policies, this restriction appears in the exclusions section of the policy. Some policies go even further, providing that if the insurer has issued several consecutive policies, only the policy that is in effect when the insured first becomes aware of the loss applies. The difference between these two types of provisions is most significant when progressive injury or damage goes undetected over several policy periods.