Insurance Surveyor

1. Copy of Policy Along with the List of Items Insured.
2. Claim Form Duly Filled & signed. (Blank Claim Form Enclosed)
3. Incident Detail.
4. Statement of Eye Witness.
5. Valuation Report of the Building.
6. Repair Bill supported by the quotations and bills for the repairing of building
7. Fire brigade report in original specifying the cause of loss
8. Police certified copy of police DD entry specifying the cause of loss
9. Your final claim list with item, quantity, cost and value claimed. Please provide soft copy in excel as well as signed and stamped printout.
10. Copy of Sale/Purchase Bill of the damaged items.
11. Copies of statements / correspondence with the departments like bank, sale tax, income tax, excise department, police, local governing authority, etc regarding this incident.
12. Salvage value quotes with your maximum offer. As informed during survey, please retain all affected item & their salvage and ensure that loss is minimized.
13. Video CD & photographs cutting in respect of the loss.
14. Summary of claim for damaged stock item (raw material / semi finished goods) quantity/rate/ value.
15. Evidences in support of the quantities claimed, duly correlated with the above statement by means of cross reference in the above list.
16. Evidences in support of the cost rates claimed, duly correlated with the above statement by means of cross reference in the above stated claim list. These could be last purchase bill copies for item claimed(for at least the quantity in stock with you),
17. Total value of stocks at the insured location(s) on the date of loss, with supporting evidence.
18. Audited balance sheet for the F.Y. ended (Last Three Years Financial Years) with tax audit report, ITRs (in case balance sheet for (Last Financial Year) is not finalized, pending finalization please urgently provide provisional trading & manufacturing account).
19. Copies of excise returns for the period 1-4-(Current Year) to date of loss.
20. Copies of sale tax returns/ VAT returns for the period 1-4-(Current Year) to date of loss.
21. Provisional balance sheet / trading account as on date of loss (from 1-04-(Current Year) supported by ledgers of the relevant item like purchase / sale & direct expanse (certified by auditors).
22. Value of stocks remaining intact after the loss.
23. Letter to excise authorities duly receipted by them informing them of the loss and the quantities damaged

Requirment For Machinery Breakdown Policy

1. Claim form duly filled & signed.
2. Copy of Policy along with the list of the Machines insured showing the Sr. No. of The Machine/Equipment Damaged.
3. Copy of Purchase Bill.
4. Quotation for the same make and model of Damaged Machine/Equipments Damaged as on date of loss.
5. Copy of Previous service reports.
6. Copy of Log Book.
7. Copy of AMC along with the Terms & Conditions.
8. Incident Detail.
9. Statement of Eye Witness/Plant Operator.
10. Technical Report of Breakdown from the service provider.
11. Estimate of Repair.
12. Bill of Repair.
13. Preliminary survey Report if any.

Requirements For Miscellaneous Burglary

This page attempts to set out typical claim requirements under Burglary and Housebreaking (Business Premises) Policies, assuming standard wordings and practices. Depending on the clauses taken, claim circumstances, type of assets stolen, requirements may be modified. The requirements are given, presuming loss of stocks. If it pertains to Cash insured under such a Policy, then refer to the general requirements page for Cash, which would generally be similar.

Some of the Standard Requirement For the Burglary Claim is as under:-

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  • A detailed description of the incident. This should generally include
  • Date and time of occurrence /Date and time of noticing the occurrence
  • Name (and designation) of person who noticed the occurrence
  • Date and time the incident got over
  • Action taken by Insured/ other persons or authorities
  • Modus Operandi of Criminal Act, if known
  • Police FIR, Panchnama, Recorded Statements and Final Police Report. Ensure accurate recording of incident and details of losses.
• Lay-out Plan of the premises. This should generally:
  • Be drawn to scale
  • Indicate areas of point of entry / break-in, location of stolen property
  • Show basic construction details, layout and profile
• Steps taken to minimise the losses and effect of the incident.
• A set of photographs showing the damaged site. The photographs should generally:
  • Be taken as soon as possible after the incident
  • Have clarity
  • Be suitably captioned with description
  • Date stamped, if possible
  • Cover areas of point of entry / break-in, location of stolen property
• Your company profile and history. This should generally include:
  • Nature of business
  • Locations where business carried on
  • Type of company and when established
  • Products and services dealt with
  • Details and background of promoters, partners or principals
  • Turnover, profits and net worth
  • Last available audited annual accounts
• Process of stocks storage, flow, control, recording and accounting.
• Newspaper clippings, if incident was reported.
• Your detailed monetary claim or loss statement with supporting documentation. Depending on the nature of loss, the documentation would include:
  • Loss Statement giving details of quantity, rate, value
  • Total Stock Statement giving details of quantity, rate, value
  • Certified Stock Register extract
  • Sales or Purchase Register
  • Sales or Purchase Invoices
  • History of storage
  • Confirmation statements from debtors / customers, creditors / suppliers, auditors, bankers, etc., as external evidence.
• Details of any other Insurances
• Insurance claim form duly filled in.

Few procedures and guidelines need to be followed by the surveyor during the loss assessment :

• Intimation of loss received on Phone/Email/Website
• To reach the affected site at the earliest, in 12hours
• To obtain the policy and verify the contents
• Record the statement of witnesses
• Take photograph/arrange videography
• Segregate the affected/ safe stocks and conduct the physical inventory and get the joint inventory sheet signed from insured.
• Investigate about the cause of loss, whether within the scope of the policy.
• Any breach of warranty/condition, and if so, whether the breach is material to the loss or not material to the loss.
• Control the loss by obtaining basic documents.
• To take necessary steps to minimize the loss i.e. shifting of safe material to another safe place, segregation of stocks, disposal of salvage.
• Obtain the claim form with detailed statement of loss.
• If the stocks were completely burnt and unidentifiable, then take necessary steps to conduct the weighment of ashes.
• Volumetric analysis to be done to calculate the quantum of stocks involved.
• Disposal of Salvage by Tender / Quotations.
• Dead Stock / Slow Moving Stock factors to be considered.
• In case of Plant and Machinery, discuss the nature of damages and possibility of repairs with Service Engineers and obtain the estimates.
• To identify the fire initiating point, fire point.

Verification of Books and Records

A. Stock (Obtain / Verify)

• Copy of Police Report, (Authenticity of Incident, cause of loss)
• Copy of Fire Report
• News Paper cuttings if any
• Verification of books/records (ledger A/cs)
• Sales & Purchase Bills Stock Records etc).
• Analysis of financial transactions.
• Analysis of past performance.
• Involves audit & investigation of books.
• Excise records, returns (Cross Checking)
• Cenvat/Excise duty/Custom Duty.
• Profitability trend.
• Determination of cost & cost components.
• Sale tax laws application.
• Accounting standards application.
• Depreciation element for stocks & for Fixed Assets.
• Interest cost role.
• Valuation of Stock.

Risk Surveys (Inspection)

The depth of our local and regional expertise has resulted in frequent requests from Insurers and Brokers to carry out risk surveys.

Activities

We bring together experienced risk survey personnel with a range of surveying, engineering and industry backgrounds

Approach

We customise our risk survey reports to meet the needs of each individual client. Our service encompasses:

• Comprehensive full-risk evaluation exercises through to brief reports
• One-off or ongoing processes
• Quantum enquiries
• Full valuation including Building, Plant & machinery as required
• Follow-up process to ensure implementation of risk improvement measures

Recent projects

• Manufacturing industries including MS Pipe Manufacture,Cold Drink Manufacture, IT Companies,
• Industrial
• Public liability
• Hydro-electric project
• Catching the inflated claims because of financial analysis
• Stock statement sent to bank.
• Sales Tax returns
• Dead Stock & Slow moving stock factor
• Comparison of weighment of ashes.
• Salvaging of stocks / obtain offers.
• Do assessment of loss.

B. Plant & Machinery

• Obtain the capitalization details such as Purchase Bills and Asset register etc.
• Current market value quotations of same type and make machines as on loss date,
• Repair/replacement estimates & discuss with insured & repairers.
• Apply appropriate depreciation according to the nature of machine and normal life of machinery,
• If policy is on Reinstatement basis, physical as well as financial reinstatement to be done and obtain proofs.
• Assess the loss based on observations.

C. Building / Furniture / Fixtures / Fittings

• Obtain Layout Plan of the affected site
• To see nature & type of construction
• Find out year of construction and capitalization in books
• Apply appropriate depreciation based on the type of construction and year of construction.
• Do physical inspection on nature & cause of damage to Building, FFF and attain & discuss estimate of loss
• If policy is on the installment basis then obtain bills, payment profit, ledger, physical re-instatement checks.
• Assess the loss.

Check list

Fire Survey & Assessment Report

1. The Assignment
   1. Name & address of Insured.
   2. Name & address of Insurer
   3. Claim No.
   4. Policy No.
   5. Cover Granted
   6. Name & address of deputing office
   7. Date of deputation
   8. Date & Place of survey
   9. Job Assigned
2. Date & Time of Fire/Loss
3. The Fire/Mishap
   1. Time & date when fire first observed and any whom.
   2. Statement of the first and other eye witness (Recorded Statement to be collected).
   3. When Insured was informed and how ? (This is to be recorded in the Insured statement)
   4. What action taken by Insured, thereafter (to be recorded from Insured).
   5. How the fire brigade is informed and when they reached the site?
   6. Brief detail of fire fighting viz. Local people / Fire Brigade.
   7. Brief detail of property damaged.
   8. Total time consumed in fire fighting
4. The Insurance
   1. Policy Number
   2. Period of Insurance
   3. Cover granted
   4. Sum insured
5. The Interest
6. Section of the Policy Schedule Affected
7. Item of the Section Affected
8. Element of Period Affected and its Coverage.
9. The Insured
   1. year, firm/business established
   2. Configuration of the firm : Partnership/Proprietor/Pvt. Limited Co/Public Limited
   3. Name & age of the Proprietor/Partner/Director available at the time status (statement to be recorded)
   4. Occupation of firm/insured
   5. Gross Annual Turnover
   6. Monthly/Annual Purchase/Sale
   7. Purchase/Sale in cash/credit
   8. Sales - purchase Modus operandi
   9. Previous history of Insurance
   10. Moral Hazard
   11. Financial Assistance from Bank/ Financial Institution. Give details
   12. Previous claim experience and history of Insurance.
10. The Risk
    1. Situation/Location
    2. Occupations
    3. Construction of Walls. Roof & class of construction with block wise details if various block are involved.
    4. Communication North-South, East-West details of occupation of adjoining risk and the manner in which they are communicating. If Blockwise schedule, then give blockwise details.
    5. Comments of any extra feature introduced during the currency of the policy.
    6. Fire fighting arrangement. Give details (Location), (Type Comments).
11. Fire Brigade Report
    1. Name of station issued/address.
    2. Time of information by whom.
    3. When they reached the site?
    4. Distance from Insured risk.
    5. Time consumed in fire fighting.
    6. Equipment involved
    7. Km. water issued
    8. Cause of loss
    9. Value of total
    10. For fire brigade
12. F.I.R.
    1. Name
    2. Report number & date
    3. Time when
    4. Brief version of report (refer FIR)
13. Cause of Fire
    1. Most effective area and its location - observation
    2. Condition of Electric Writing/Connection.
    3. Inspection for blown fuses/protector devices
    4. Enquiries about shut off Electric line during closure of firm with insured (record statement)
    5. What time the shop was closed just prior to fire.
    6. Whether any supply failure between the closure and knowledge of fire?
    7. Enquiry with local people on this aspect.
    8. Any other observations
14. Job to be done at Site
    1. Physical inventory of damages/stock affected in consultation with insured. The segregation should be done in a manner to ensure that the assessment can be worked out within insured system.
    2. Inception of the fire &/or source of ignition.
    3. Record statement with eye witness/Insured.
    4. Enquiries with Bank (Date of limit/loan. Nature of credit facility scheme under which it is sanctioned. Outstanding dues on date, whether regular stock statement submitted to the banker if so collect copies. Whether any inspection is made just prior to fire. If so, take details (copy of Bank statement).
    5. Verify Books of Accounts. Sign during inspection and take in possession, if desired.
15. Documents to be Collected:
    1. Claim Form/Claim Bill.
    2. Policy copy with schedule. If any.
    3. Fire Brigade report and FIR
    4. Books of Account
    5. Stock statement
    6. Plan lay out of the Risk.
    7. Estimate of repairs/replacement.
    8. Costing of damaged goods upto the stage of process they are just prior to loss.
    9. Original bills, repairing/replacement of damaged items of fixed assets. if desired.
    10. Proposal Form (to be collected from Branch/DO).
    11. Insurance Copy of previous policy and burglary insurance.
    12. Loss minimisation (take not a site).
    13. Remarks