At he surveyor is deputed by the insurance company after the intimation of loss has been received by the insurers. as and when there is loss under any insurance policy and expected loss is more than Rs. 20000/-, it is legal obligation on the insurance to appoint an independent surveyor to assess the loss.
STEPS OF SURVEYOR AND LOSS ASSESSOR
1) INITIAL LOSS ADVICE
After the first visit it is the duty of the surveyor to issue an Initial loss advice “to the insurer giving the detail of loss is not covered under the policy or there is any other violation in the policy terms and conditions the same may immediately be brought to the notice of the insured/insurers.
2) ASSESSMENT OF LOSS
The actual assessment of loss starts only after the required documents are received from the insured. the following should be kept in mind while making the assessment report.
a) details- Like name of the insured address of the insured location of loss if not same as the registered address name and contact number of the contact person.
b) Particulars of loss-date of loss , occurrence of loss as stated by the insured.
c) details of Insurance-like name of the insurer, policy number , type of policy , sum insured, coverage and special conditions, if any , mentioned in the policy.
3) SUBSEQUENT TO FIRST INSPECTION
Subsequent visits may be required to the insured site to prepare inventory of the safe and damaged stocks, to quantify the loss or to verify the documents of the insured. in case the insured has more than one premises where their interest lies, the surveyor should visit all the premises even if they are not held covered under the given policy. it is important to maintain regular written correspondence with the insured to keep the matters transparent and to avoid being misquoted and to avoid any controversy.
4) ADMISSIBILITY OF THE LOSS
It is the duty of the surveyor to comment regarding the admissibility of the loss. under any situation the loss may either be admissible the survey report must clearly indicate whether the loss is admissible or not admissible under the policy and detailed reason for the same . in case the loss is partly admissible the surveyor should clearly indicate which pportion of the claim of the insured is admissible.
5) CAUSE OF LOSS
Always provide the detailed commentary on likely cause of loss. this should be covered under three heads
1) cause of loss as per the insured
2) cause of loss as may be mentioned in any of the fire reports police report or third party evidence.
3) the surveyors perception regarding the proximate cause of loss.
6) CLAIM OF THE INSURED
The claim of the insured should be discussed giving details as to the basis on which the claim has been made. the quantity and value of the claimed items be discussed separately. A detailed commentary be given regarding the claim of the insured. the total claim of the insured be further divided into the claim for the building, stocks, plant and machinery or any other head as per the coverage in the policy.
7) ADEQUACY OF THE SUM INSURED
It is important to work out the adequacy of the sum insured the same should be done separately foe all the heads coved under the policy and covering the heads under which the claims of the insured falls.
the sum insured the reference should be made to the average clause and under insurance factor=sum insured/value at risk be defined.
8) SALVAGE
The nature and quantity of salvage should be discussed and value of the salvage should be arrived at logically either supported by the quotations or by providing the quantity of the scrap and giving the per kg scrap rate. it is always advisable to discuss the salvage aspect with the insured and the insurer and obtain approval before adjusting the same in the report along quantification of salvage and how the same was arrived at.
