Claim Settlement Procedure

On receipt of a loss intimation through in writing or over telephone the first step is to verify that:

  1. The policy is in force
  2. The risks under which the loss is reported is covered under the policy
  3. The items of properties affected and location of the same is under the scope of policy

After checking the policy a claim is registered and a claim numbers allocated to the Insured. This claim number is used in all future correspondence for easy reference. A claim form is issued to the Insured for completion and return with some papers/documents in support of the loss. A Surveyor is appointed to investigate and report on the cause and extent of loss.

 

The following papers/documents are usually required for settlement of claim:

 

Fire Claim

  1. Copy of G D Entry/FIR
  2. Stock Report duly Certified by the Bank (in case of Bank Loan)
  3. Fire Brigade Report
  4. Import/Purchase documents of Fire affected items
  5. Statement of a responsible Officer/Staff regarding the incident
  6. Copy of Fire Licence
  7. Valid papers regarding the Electrical Connection of the Insured Premises
  8. Periodic Test Report of Electrical Circuit Board from a competent authority
  9. Approval letter from Competent Authority in case of Captive Power Plant
  10. Claim Bill showing value of fire affected items (supported by price quotation/Bill)
  11. Any other papers depending on circumstances of the loss

 

Marine (Cargo) Claim

  1. Bill of Lading/Air Waybill/Consignment Note
  2. Commercial Invoice
  3. Packing List
  4. Bill of Entry including Customs Release Order of Imported goods
  5. Joint Survey Report held at port of discharge
  6. Short Landing Certificate/Non Delivery Certificate
  7. Copy of Correspondence exchanged with the Carrier/or other liable party for recovery of the loss
  8. Truck Challan/Delivery Challan
  9. Copy of G. D. Entry in case of accident of the carrying vehicle
  10. Claim Bill
  11. Any other papers depending on circumstances of the loss

 

Motor Claim

  1. Copy of G. D. Entry/FIR
  2. Copy of Registration Certificate, Tax Token & Fitness Certificate of the Vehicle
  3. Copy of Driving Licence
  4. Driver’s Statement regarding the accident
  5. Copy of Route Permit of the Vehicle
  6. Repairing Estimate/Quotation of the damaged Vehicle
  7. Police Final Report/Charge Sheet in case of theft loss

After receipt of survey report and required papers/documents if those are found in order then a claim is settled through payment of the amount recommended by the Surveyor.

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