Claim
settlement accounts for accuracy and impartiality of the information
provided by the insurer which is cross-checked at the time of a claim.
At this time, a physical inspection of the property is done so the amount
quoted must be in accordance with the extent of damage/loss. The proposal
form needs to be filled up correctly giving complete information.
Points
to be noted:
- Immediate
information should be given to the insurer about the loss/damage.
- Next,
a claim form is forwarded by the insurer.
- Fill
the form and submit it to the insurer. It is always advisable to give
item-wise estimate of the loss.
- This
is then followed by a formal inspection for assessing the extent of
damage/loss.
- If
in case the cause cannot be established, the insured needs to prove
that damage has occured because of an insured peril.
- On
agreement of claim amount between the insurer and the insured, the
claim is settled.
While
making a claim, consider the following points:
Claims against fire, flood, cyclone etc.
- Steps
should be taken initially to minimise the loss.
- Police
should be informed in case of a fire arising out of a riot, striking
workers, damage made by terrorist activity etc.
- Incase
of a loss due to cyclone, flood etc., meteorological report should
be obtained.
- If
the policy is taken on a "reinstatement basis", claim is settled after
repair/replacement formalities are complete for the damaged items
and the bill is submitted for the payment of a claim.
Burglary
claims
- Inform
the Police immediately and get a non-traceable certificate about items
not found.
- The
insurer would insist for a letter of undertaking saying the claim
amount will be refunded after the stolen property is recovered.
Breakdown
of Domestic Appliances
- An
estimated cost of repair and the notice of claim should be filed with
the insurer.
- If
an appliance is partially damaged, it should be repaired before it
is put to use, as further loss is not covered.
- It
is at the option of the insurers to repair a damaged item and the
insured has no option to insist upon the loss.
Household
goods in transit
In case of loss/damage caused 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 accepted.
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