Insurance Surveyor and Loss Assessor Registration in India
Insurance Surveyors and Loss Assessors are service providers who are licensed by the Insurance Regulatory and Development Authority (IRDA) for carrying out a survey when an insurance claim is made and estimating the losses incurred in case of an accident or unforeseen event. These service providers serve as a link between the insurance company and the insured. They are expected to do their job independently without being influenced by both parties.
Insurance Surveyors and Loss Assessor Registration is the authorization provided by the IRDA to individuals who want to act as surveyors and loss assessors. There are two types of registration:
- Individual Surveyors: Given on an individual basis
- Corporate surveyors: Issued to business entities
Duties And Responsibilities Of A Surveyor And Loss Assessor
Every Licensed Surveyor and Loss Assessor must investigate, manage, quantify, validate and deal with losses, whether insured or not, arising from any contingency. The assessed losses must then be reported to the insurer or insured. All Registered licensed Surveyors and Loss Assessors must carry out the said work with competence, objectivity, and professional integrity. Also, they must strictly adhere to the code of conduct as stipulated in these Regulations.
The following are the duties and responsibilities of a Surveyor and Loss Assessor:
- Declare whether he has any interest in the subject matter in question or whether it pertains to any of his relatives, business partners, or through material shareholding.
- Bring to the notice of the Authority any change in the information or particulars furnished at the time of issuance of the license. The changes must be reported within a period not exceeding fifteen days from the date of occurrence.
- Maintain confidentiality and neutrality without jeopardizing the insurer's liability and the insured's claim.
- Conduct inspection and re-inspection of the property in question suffering a loss.
- Examine, inquire, investigate, verify, and check the causes and the circumstances of the loss in question, including the extent of loss, nature of the ownership, and insurable interest.
- Conduct spot and final surveys as and when necessary. Also, comment upon the franchise, excess/under insurance, and other related matters.
- Estimate, measure, and determine the quantum and description of the subject under loss.
- Advise the insurer and the insured about loss minimization, loss control, security, and safety measures, wherever appropriate, to avoid further losses.
- Comment on the claim's admissibility and assess the insurer's liability per the policy terms and conditions.
- Survey and assess the loss on behalf of the insurer or insured.
- Satisfy the queries of the insured or the insurer and persons connected to it in respect of the claim/loss assessed.
- Recommend applicability of depreciation, percentage, and quantum of depreciation.
- Give reasons for repudiation of claim, in case policy terms and conditions do not cover the claim.
- Take expert opinion wherever required.
- Comment on the salvage and its disposal wherever necessary.
- Any licensed Surveyor and Loss Assessor appointed as Director or a Partner of a Company or a Firm seeking Application for grant of Corporate Surveyor license must undertake survey jobs and issue survey reports only in the capacity of Director or Partner of the Applicant Company or the Firm.
A surveyor or loss assessor, whether appointed by the insurer or insured, must submit his report to the insurer as expeditiously as possible but not later than 30 days of his appointment. The report must be submitted along with a copy of the report to the insured giving his comments on the insured's consent or otherwise on the assessment of loss.
In special circumstances, due to its special and complicated nature, the surveyor in insurance can seek an extension not exceeding six months from the insurer to submit his report.
In cases where the Survey report is pending due to non-completion of documents, the surveyor can issue the final survey report independently based on the available documents on record, giving the insured a minimum of three reminders in writing.
Suppose an insurer, on the receipt of a survey report, finds that it is incomplete. In that case, he can ask the surveyor to furnish an additional report on such incomplete issues.
The insurer can make such a request within 15 days of receiving the original survey report. The surveyor, on receipt of this communication, must furnish an additional report within three weeks of the date of receipt of communication from the insurer.