Page 331 - Fire Insurance Ebook IC 57

The Insurance Times

to the insured for services rendered in course of the business of
the insured"

Claims procedure

(a) Notice must be given to the Company forthwith. If the damage is
serious, the insurers may wish to appoint surveyors forthwith to
examine the steps being taken to minimise loss

(b) All possible steps must be taken to minimise the interruption.

(c) Particulars of claim, supported by necessary evidence, must be
furnished within 30 days after expiry of the indemnity period

(d) Payments on account already made must be repaid in the event of
non-compliance with any of the requirements of the condition.

n Once it is clear that liability for the loss attaches to the material
damage policy, the surveyor makes certain that the peril causing
the loss is also covered by the C.L. policy.

n Next the surveyor recommends measures for speedy resumption
of business, making it clear that increased cost of working will be
payable subject to policy terms e.g. earning of turnover by the
increased cost and penalty if all standing charges are not insured.

n The surveyor prepares a preliminary report indicating the extent
of the interruption expected, the steps being taken to minimise
the interruption, and the amount which in his opinion should be
provided in the insurers' books as a reserve against the estimated
loss.

n When it is clear that the business has resumed its normal working
conditions, the surveyor takes up the detailed examination of the
accounts for preparing the final assessment.

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