Page 87 - Insurance Surveyors Book Ebook IC S01

Survey And Loss Assessment IC-S01

Survey Profession Past and Present

Chapter 18 Introduction to Surveys

An insurance surveyor/ loss assessor is an integral and important functionary of the

claim settlement machinery and has it critical and sensitive role to play in fair and

prompt claim settlement, so important for the general insurance business

development.

No claim in respect of a loss which has occurred in India to be paid and settled in

India equal to or exceeding Rs.50,000 for Motor and Rs.1,00,000 for other in value on

any policy of general insurance, arising or intimated to the Insurer at any time during

the currency of the policy, can he admitted for payment or settled by the insurer

unless he has obtained a report from a licensed surveyor quantifying the loss to be

indemnified.

In some cases, the insurer employs in-house surveyor, generally in motor claims, as

the nature of losses / damages are of limited variety and where the standards of

repair / replacement costs have been evolved in agreement with the authorised

service centres.

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