Insurance surveyors are a connection between an insurer and insured. An insurance policy is the amalgamation of security and savings to face any uncertain events in the future.
As per requirements, the insurance companies provide insurance policies for buildings, machinery, furniture, mobile, transportation, home, health, against the loss of damages due to fire, etc.
For example:
Fire loss of profit insurance covers major losses from fire due to which the business operations are interrupted. It results in reduced turnover and eventually loss of profits. The insurance service provider compensates costs equivalent to the replacement of the goods/instrument by a new goods/instrument of the same category and same size, which includes taxes and duties.
How surveyors play an important role in the insurance claim process?
When an individual or an organisation takes policy against fire or accident, after the incident, he will file a claim with the company. The insurance company will appoint a loss surveyor to assess the loss occurred in the accident.
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The surveyors then assess the loss and submit a report to the insurance company.
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Based on the report, the insurance company settles the claim of insurance.
According to IRDA (Insurance Regulatory and Development Authority), a claim is to be paid within the 30 days from the date of receipt. In case of an investigation, the insurance company needs to complete the investigation within 6 months from the date the claim was filed.
More about roles of surveyors:
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They usually work in non-life businesses and their job is to assess the loss to avoid false claims.
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They work like agents – They are independent professionals hired by the insurance company.
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Insurance risk surveyors conduct surveys of buildings, machinery, transport, etc. which are to be insured.
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Then they generate reports to help an insurance agent to decide the terms and conditions of the insurance policies.
How insurance risk surveyors assess the loss?
Examination for loss advice:
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Visit the sites independently or with the underwriters.
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Evaluate and assess the risk to buildings, employees, etc. by performing appropriate research.
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Carry out site surveys in detail.
Assessment of the loss:
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Write and check the reports for the insurance company.
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Advise the clients and recommend improvements.
Validation of loss:
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Prepare sketches, maps, reports, legal descriptions, etc. to describe, validate and assume accountability for their work.
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Cross-check the accuracy of data surveyed which includes measurements and calculations performed at the sites.
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Examine survey goals to prepare survey proposals.
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Aware the legislative and trading changes to the company.
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Collect evidence in terms of photographs.
Provision of additional assistance:
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Collaborate with health and safety inspectors, insurance agents, underwriters.
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Attend to queries of the insured/insurer and other people associated with the loss.
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Most important, point out the discrepancy, if any, in the policies.
Thus it is important for the organisations or individuals to appoint the right professionals who help in the fire insurance claims.
Rakesh Narula & Co. is accredited as IRDA licensed category ‘A’ insurance surveyor & loss assessor. Contact Rakesh Narula & Co. for accurate and prompt assessment of the loss.
Rakesh Narula & Co. 