Page 94 - Insurance Surveyors Book Ebook IC S01

Survey And Loss Assessment IC-S01

The main objectives of segregation are :

i) to eliminate from consideration articles that are

undamaged,

ii) to present the affected balance items for inspection in

the condition that will make its remaining value most

apparent and

iii) to produce an inventory, which shall be the basis on

which the loss is determined.

LOSS ANALYSIS AND MEASUREMENT TECHNIQUES

Loss assessment is aimed at working out the precise equivalent cash value of the

physical loss suffered or liability incurred. The cash value is nothing but the sum total

of the individual values of all the items damaged / lost. Individual "value", simply put,

is. Quantity x unit rate or cost, depending on whether the item is replaced or

repaired. Thus during the course of his inspection and segregation of the affected

items, the surveyors attention should be focussed on devising means of ascertaining

the "quantitative" extent of the loss - by counting, weighing, Kgs measuring volumes

and surface areas (like sq.mts, c.mts etc.). This data is useful only in cases of "total

losses" say, for marine claims, and where the items are fully damaged as in case of

fire and engineering claims.

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