What is expected of an Insurance Surveyor and Loss Assessor?

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What is expected of an Insurance Surveyor and Loss Assessor?

Every Surveyor and Loss Assessor must investigate, manage, quantify, validate and deal with losses (whether insured or not) arising from any contingency. And they must also report the assessment to the Insurer or insured, whichever the case. Therefore, all Licensed Surveyors and Loss Assessors must carry out the work with competence, objectivity, and professional integrity and strictly adhere to the code of conduct stipulated in these Regulations. Here in this article, we discuss some of the duties and responsibilities issued by the IRDAI to a registered Insurance Surveyor and Loss Assessor.

Insurance Surveyor's conduct in the Market 

Declaration of the Interests

A Surveyor and Loss Assessor must declare his interest in the subject matter. Or the interest pertains to any of his relatives, business partners, or material shareholding. Here relatives mean the relatives mentioned in Section 2 of the Companies Act.

Reflecting Changes in the Furnished Information

A Surveyor and Loss Assessor must bring to the notice of the Authority any change in the information furnished at the time of issuance of a Surveyor in Insurance license. The Surveyor must submit the particulars within fifteen days from the date of occurrence of such change.

Confidentiality & Neutrality in the Conduct

A Surveyor and Loss Assessor must maintain confidentiality and neutrality without jeopardizing the Insurer's liability and claim of the insured.

Inspection of the Claimed Facility

A Surveyor and Loss Assessor must inspect and re-inspect the property suffering a loss. A Surveyor and Loss Assessor must examine, inquire, investigate, verify and check up on the loss's causes and circumstances. These surveillances must also include any of the following:

• Extent of Losses incurred
• Nature of the Insured's Ownership
• Insurable Interest

Survey Conduction for Loss Assessment

A Surveyor Registration must conduct spot as well as final surveys whenever necessary. They must also comment upon the franchise, excess/under insurance, and other related matters.

Loss Assessment and Reporting

An Insurance Surveyor and Loss Assessor must estimate, measure, and determine the quantum and description of the subject under loss.

Issue Advisory for Loss Minimization

A Surveyor and Loss Assessor must advise the Insurer as well as the policyholder about loss minimization. To avoid further losses, the Insurance Surveyor must also detail the loss control, security, and safety measures wherever appropriate.

Resolving Queries of Insurers as well as Insured

An Insurance Surveyor and Loss Assessor must satisfy the queries of the insured or Insurer and persons connected in respect of the claim or loss.

Issue Recommendations to the Insurer

A Surveyor and Loss Assessor must recommend the applicability of depreciation, percentage, and quantum of depreciation. In addition, a Surveyor and Loss Assessor must give reasons for repudiation of the claim in case policy terms and conditions do not cover the claim. Finally, the Assessor must take an expert opinion. He must also comment on salvage and its disposal wherever necessary.

Issue Survey Reports to the applicant Firm

Any Surveyor Registration appointed as a director or a partner of a Company or a Firm seeking an application for a grant of Corporate Surveyor license must undertake survey jobs as well as issue survey report only in the capacity of the director or partner of the applicant company or firm.

Speedy submission of the Loss Assessment Report 

A Surveyor and Loss Assessor, appointed by an insurer or insured, must submit his report as expeditiously as possible to the Insurer. But the Surveyor in Insurance must submit it no later than 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. In special circumstances, the Surveyor in Insurance must, under intimation to the insured, seek an extension. This extension must not exceed six months from the Insurer for submission of his report.

To know more about the Surveyor and Loss Assessor, connect with the IRDAI's experts at Registrationwala.

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