Page 95 - Ebook IC S01

Survey And Loss Assessment IC-S01

The general methods of loss assessment followed by surveyors is dependent on

many variables like

a) the policy variations, in terms of basis of indemnification and valuation

b) type of loss - total or partial

c) nature of affected property - building. plant and machinery, furniture,fixture

and fittings, stock in trade

d) variety of affected items under each class and their state of

damages,especially if merchandise are involved rework, repair and

reconditioning possibilities

f) Maintenance and availability of records with the insured and their degree of

reliability.

CHAPTER 21

LOSS ADJUSTMENT

Loss adjustment is an accurate determination of the net amount, which the insured

is entitled to receive in conformity with the specific policy conditions. In the earlier

chapter, the gross loss assessment was discussed, which further needs to be

"adjusted" to arrive at the "net claim amount".

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