Insurance Surveyor: What does IRDA expect a Surveyor to do?

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Insurance Surveyor: What does IRDA expect a Surveyor to do?

It is expected from every Licensed Insurance Surveyor and Loss Assessor that they must investigate, quantify, manage, validate and deal with losses arising from any kind of contingency. They must also report the loss assessment to the Insurer as well as the Insured, whichever the case. Therefore, IRDA instructs all the Licensed Surveyors and Loss Assessors to carry out the work with the following:

• Competence
• Objectivity
• Professional Integrity
• Adhering to the Code of Conduct as per the IRDAI Regulations

This article details the duties and responsibilities of an Insurance Surveyor and Loss Assessor issued by the IRDAI.

Insurance Surveyor: Roles and Responsibilities

Interests of an Insurance Surveyor

A licensed Surveyor must declare his interest in the subject matter or the interest pertains to any of the following:

• Relatives of the Surveyor
• Business Partners
• Material Shareholding

Here clause 'relatives' means any of the relatives defined in Section 2 of the Companies Act of 2013.

Information Updation 

A licensed Surveyor must bring to the notice of the Authority any updation in the information furnished at the time of license issuance for Surveyor in Insurance. Also, the Surveyor must submit his or her particulars within fifteen days from the date of such change.

Maintain Confidentiality

A licensed Surveyor & Assessor must maintain proper confidentiality and practice neutrality without jeopardizing the Insurer's liability as well as the claim of the policy consumer.

Conduct Inspection by Insurance Surveyor

An Insurance Surveyor Registration must inspect and re-inspect the property suffering a loss. He must also do the following for the causes and the circumstances of the loss:

• Examine
• Inquire
• Investigate
• Verify

These surveillances by the Surveyor must include the following:

• Extent of Loss
• Nature of Ownership
• Insurable Interest

Insurance Surveying Operations

The Surveyor must conduct spot as well as final surveys when necessary. He must also make a comment on the franchise, excess or under insurance, and other related matters.

Loss Assessment and Minimization

A licensed Surveyor and Loss Assessor must estimate, measure, and determine the quantum as well as the description of the subject under loss. He or She must advise both the parties, insurer and insured, about loss minimization. Furthermore, to avoid losses, he must also detail the following to the Insurer and the Insured, wherever appropriate:

• Loss Control
• Security
• Safety Measures

An Insurance Surveyor must satisfy the queries of the insured, insurer, and persons connected to the claim or loss.

Insurance Surveyor: Recommendations to the Insurer

A licensed Surveyor must make recommendations for the applicability of the following:

• Depreciation
• Percentage
• Quantum of Depreciation

In addition, they must give reasons for repudiation of the claim if the policy's T&C (Terms and Conditions) does not cover the claim. They must also take expert opinion and comment on the salvage and its disposal when necessary.

Insurance Surveyor: Corporate Conversion

If any licensed Surveyor appointed as a director or a partner of a Company or a Firm is seeking a Corporate Surveyor license, then he or she must undertake survey jobs as well as issue survey reports only in the capacity of the director or partner of the applicant company or firm.

Loss Assessment Report Submission

A licensed Surveyor appointed by an Insurer must submit his report to the Insurer as soon as possible. But the Surveyor in Insurance must submit it before 30 days after his appointment. Also, the Assessor must share a copy of the report with the insured, giving his comments on the insured's consent on the assessment of loss.

Under special circumstances, the Surveyor in Insurance must seek an extension under intimation to the insured. This extension must not exceed six months from the insurer for submission of his report.

If you seek to register your Insurance Business as a Surveyor and Loss Assessor, then you can avail of Registrationwala's Insurance registration services. Our IRDAI experts provide incorporation services regarding the Surveyor Registration and consultancies. 

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