Page 103 - Insurance Surveyors Book Ebook IC S01

Survey And Loss Assessment IC-S01

The following are a few of the instances of disputes between the insured and the

insurer on the admittance and settlement of claims :

i) Interpretation of exclusion clauses and the covered peril,

ii) Arithmetic calculation of indemnity and the amount of loss payable,

iii) Reinstatement or replacement option exercised by the insurer as a measure of

indemnity.

iv) Depreciation to he applied in assessing property losses,

v) Assessment of Market value, value of the property at the time of loss,

reinstatement, replacement values.

vi) Reasonableness of Repair charges indemnified, exclusion of other incidental

expenses incurred in repair,

vii) Assessment principles for valuation of loss on stocks, variance in

interpretation of slow /non-moving stocks, valuation of manufacturer's,

wholesaler's and retailer's stocks

viii) Valuation and disposal of salvage and

ix) Reimbursement of expenses incurred on loss minimisation measures.

The surveyor will come across a wide variety of claimants in his professional career.

Though, by and large, a surveyor will come across "reasonable claimants", his job

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