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Web a loss payee is the first person or entity legally entitled to an insurance claims payment. A loss payee is a third party listed on an insurance policy’s declarations page that has first rights on insurance claim payments after. As far as small businesses are concerned, this pertains mainly to. Web what is a loss payee? In the insurance industry, the. Web a loss payee is who you would owe money to from insurance claims payments in the event of a loss or damages to your business property, like a large piece of equipment. A loss payee can mean several different things; Web the loss payee is the party to whom the claim from a loss is to be paid. Web in the insurance world, the loss payee is simply the person who can expect to be reimbursed by the insurance company when a claim is filed and approved.