Fire Claims Professional Approach
Fire Claims Professional Approach
PROFESSIONAL APPROACH
Vimal Goyal
Director, SMC Insurance Brokers P. Ltd.
FIII, ACII (London),
Chartered Insurance Broker
[email protected]
[email protected]
Cell +919899699304
What is meaning of
term used in Fire
policy preamble:
“Company shall
pay to the Insured
the value of the
Property at the time
of the happening of
its destruction”
Whether profit of
any kind is
included in the
insurance cover?
What is time limit
as per policy for
submission of
claim bill?
Introduction
Claim
Process :
Case
Major stages
Studies
Areas of
Dispute
Claim
Tips Process :
To avoid Documentation
Disputes
How to
Speed up
Process
Role of Insurance intermediary
in handling claims
◼ Delivery of promise
◼ Displays attitude :
➢ You are with insured or take it as a burden
➢ You help at each step or do just postman’s job & leave to
mercy of surveyor and insurance co.
◼ Test of adequacy of underwriting precautions & add-
on covers taken
◼ Shows competence to service the insurance portfolio
◼ Trust of client in insurer and the intermediary
◼ Can strengthen or demolish long term relationship
with the insurer and intermediary
◼ Publicity through word of mouth
◼ Learnings about future U/W precautions and
guidance to insureds
CLAIM PROCESS :
Major stages in life cycle of a claim
◼ Intimation of claim
◼ Deputation of surveyor by insurance co.
◼ First visit of surveyor and on-site verifications
◼ Getting go ahead for repairs/ demolition / removal
◼ Letter of requirements (LOR) from surveyor
◼ Request & compliance for processing on account payment
◼ Submission of documents, discussions, response to
queries of surveyor
◼ Reinstatement / repairs, its verification by surveyor
◼ Sharing of assessment by surveyor, response and consent
◼ Submission of survey report by surveyor to insurance co.
◼ Processing by insurance co., addressing their queries
◼ Approval, discharge, NOC, Subrogation, Payment
CLAIM PROCESS :
Documentation for Fire claim
General (List is not exhaustive)
◼ A copy of the written intimation letter to insurer
Vimal Goyal
FIII, ACII (London),
Chartered Insurance Broker
[email protected]
[email protected]
Cell +919899699304