Insurance Claims Procedure

some important points, which would help you in the claims procedure:

• The loss or damage should be reported to the insurer immediately.
• On receipt of claim intimation, the insurer will forward a claim form.
• Submit the completed claim form along with an estimate of the loss to the insurer. It is preferable to submit an itemized estimate with separate values.
• The insurer will arrange for inspection of the damaged items to assess the loss. In case of major losses, a specialist-licensed surveyor is deputed.
• The insured has to provide the required documents to substantiate the extent of loss.
• In case the cause of loss is not established, it is for the insured to prove that the loss or damage has occurred due to an insured peril.
• On agreement of claim amount between the insured and the insurer, the claim is settled.

Claims under Fire

• 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.
• If the policy is on '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

• Immediately report to the police and obtain a non-traceable certificate that the items are not found.
• Notify 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 Equipments

• 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.

Travel Sure:

• The claim procedure varies from country to country and therefore the insured should get in touch with the overseas claim settling agents of the insurers immediately.
• The Insured should carry the policy document with him, which may be produced as evidence if necessary. The policy document also contains the full information as to how to get in touch with the claim settling agents for assistance.

Motor vehicle claims

• Notice of an accident involving third parties should be reported to the insurers.
• The insured may be interested to pay compensation without going into whether he is liable to pay or not. It is therefore an express condition of the policy that no claim should be admitted or a compromise arrived at, without the approval of the insurers.

Claims under Comprehensive policies

Steps to be taken in case of an accident:

• Notice of accident should be filed with the insurers.
• If damage is a major one, the accident may be reported before the vehicle is removed from the spot so that the insurers can arrange for spot inspection of damage.
• The vehicle may then be moved to a workshop, preferably to authorized workshop, for estimation of repair charges.
• On receipt of completed claim form and estimate of repairs the insurers will arrange detailed inspection of damage and cost of repairs will be ascertained.
• The insurers will ensure that a person duly licensed drove the vehicle at the time of accident and that the vehicle is the one insured in their books. To that end, they will verify the Registration Certificate and the Driving license of the driver who drove at the time of the accident.
• Upon completion of the above procedure, the repairers will be authorized to carry out repairs. The insurer may undertake to settle the repair bills directly with the garage or reimburse the insured.
• Insurers would like to collect the damaged parts for which replacements have been allowed, as salvage. To ensure that replacements with new parts, have in fact, been effected.
• In case of theft of the car or its accessories, it has to be reported to the police and final report should be submitted.