Other Insurance Claims

Personal Accident Claims

• Immediate notification to the insurer.
• In case of accidental death, the capital sum is paid to the legal nominee/assignee of the insured. If the insured fails to provide the name of the nominee, succession certificate from a court of law is necessary.

In the case of other claims, the insurers may get the insured examined by a specialist or refer the matter to the medical board as is necessary, the cost of which will be borne by the insurers.

Claims under Fire / IAR policies

• Firstly the insured should take all possible steps to minimize the loss.
• The fire brigade may be intimated immediately.
• Lodge a police complaint in case of a fire arising out of - rioting mob, striking workers, malicious damage by third parties or terrorist damage.
• Inform insurer as early as possible, in no case later than 24 hours
• To co-operate with the surveyor appointed by the insurer by relevant information.
• Obtain a meteorological report in case of loss due to cyclone, flood & inundation
•  If the policy is on a 'reinstatement basis', the claim is settled only after completion of repairs/replacement of the damaged items and submission of bills for claim payment.

Burglary Claims / Money Insurance / Fidelity

• Immediately report to the police and obtain a non-traceable certificate that the items are not found.
• Notify the insurer as early as possible.
• The insurers will insist upon a letter of undertaking on a stamp paper of appropriate value - letter of Subrogation, for refunding the claim amount when the stolen property is recovered.
• Obtain a final report from Police.
• Insured has to provide the surveyor complete book of accounts and bills substantiating the loss on the day of incidence.

Machinery Breakdown

• Immediate notification to the insurer.
• Notice of claim and estimated cost of repairs should be filed with the insurers to arrange for inspection.
• In case of partial losses, no depreciation is charged but when the items are not insured for its present-day replacement value, the items are treated as underinsured and the claim amount is proportionately reduced. Depreciation is only applied for Total Loss claims.
• If an appliance is partially damaged, it should be repaired (on approval from insurance company) before it is put to use, as otherwise further loss is not covered.

Electronic Equipment

• Immediate notification to the insurer.
• Notice of claim and estimated cost of repairs should be filed with the insurers to arrange for inspection.
• In case of partial losses, No deduction shall be made for depreciation in respect of parts replaced, except those with limited life, but the value of any salvage will be taken into account.
• If an appliance is partially damaged, it should be repaired (on approval from insurance company) before it is put to use, as otherwise further loss is not covered.

Household goods in transit

• In case any damage is suspected in transit, open delivery should be insisted upon the carrier and their certificate should be obtained.
• In case of loss/damage in transit, a monetary claim should be lodged with the carrier within the time limit to protect recovery rights, without which, the claim may not be admitted.

Marine Transit Loss

• Original Invoice & packing List - if forming part of Invoice
• In case any damage is suspected in transit, open delivery should be insisted upon the carrier and their certificate should be obtained.
• Original Lorry receipt (LR)/ Bill of Lading (BL )- Qualified with remarks for the Quantity damaged or lost in the transit.
• In the case of Declaration Policy - The consignment should be declared and within the limit of balance, Sum insured.
• In case of loss/damage in transit, a monetary claim should be lodged with the carrier within the time limit to protect recovery rights.
• Damage / Shortage Certificate from the carrier.
• A surveyor ( mutually agreed by the Insurer) must be appointed to determine the nature, cause, and extent of loss/damage.