Duties And Responsibilities of Insurance Surveyor And Loss Assessor:

  • April 26, 2023
  • Dushyant Sharma
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A Licensed Surveyor and Loss Assessor is an Insurance Claim verification agency that does the following: 

  • Investigate the Claim
  • Manage the potency
  • Quantify the claimed amount
  • Validate insurance cover details
  • Assess the losses incurred by the Firm arising from contingency 

The Surveyor must assess the losses and report them to the Insurer and the insured. A licensed Surveyor and Loss Assessor must conduct their work with abject competence, objectivity, and professional integrity. They must also adhere to the code of conduct as the IRDAI stipulated in its regulations.

 

Surveyor's Duties and Responsibilities

IRDAI has issued the following duties and responsibilities for a licensed Surveyor and Loss Assessor:

Interest Declaration

The Surveyor must declare his interest in the subject matter, or it pertains to any of his relatives, business partners, or persons with material shareholding.

Updation in the furnished details

The Surveyor and Loss Assessor must inform the Authority of any update in the information or particulars it furnished at the time of license issuance. The Surveyor must report such changes within fifteen days from the date of update.

Insurance Surveyor and Loss Assessor: Maintain Neutrality

The Insurance Surveyor must maintain confidentiality and neutrality when handling a claim process. It must not jeopardize the company's liability and the policyholder's claim.

Insurance Surveyor and Loss Assessor: Conduct Inspection

The Surveyor and Loss Assessor must inspect and re-inspect the property in question suffering a loss.

Check Claim Legitimacy

The Surveyor and Loss Assessor must examine, inquire, investigate, verify, and check all the possible causes and circumstances of the claim losses. This includes the following:

  • Extent of Loss
  • Nature of the Ownership
  • Insurable Interest

Surveying and Assessing 

The Insurance Surveyor  must conduct spot and final surveys whenever necessary. It must also analyze and submit the franchise, its excess or under insurance, and other matters. The Insurance Surveyor and Loss Assessor must estimate, measure, and determine the quantum and description of the subject under which loss has occurred.

 

Insurance Surveyor and Loss Assessor: Advisory to all

The Insurance Surveyor and Loss Assessor must suggest to the Insurer and the insured the following to avoid further losses:

  • Loss Minimization
  • Loss Control
  • Security
  • Safety Measures

Insurance Surveyor and Loss Assessor: Claim Admissibility

The Surveyor and Loss Assessor must comment on the claim's admissibility. It must also assess the company's liability in accordance with the insurance policy terms and conditions.

Surveying and Assessment

The Surveyor must survey and assess the loss on behalf of the Insurer. It must also satisfy the queries of both parties and entities. The Assessor must recommend the following to the Insurer:

  • Applicability of Depreciation
  • Percentage
  • Quantum of Depreciation 

The Surveyor is also expected to give reasons for repudiation if the policy does not cover the claim. The Surveyor and Loss Assessor must arrange for an expert opinion if required.

Surveyor as a Company's Director

Suppose a Surveyor and Loss Assessor, appointed as a director or a member partner in a registered Company or a Partnership Firm, is seeking a license application for a Corporate Surveyor license. In that case, it must conduct its survey jobs and issue survey reports only in the capacity of the Director or partner of the Applicant Company or the Firm.

Assessment Report Submission 

A Surveyor or Loss Assessor, appointed by the Insurer or the policyholder, must submit its assessment report to the Insurer as soon as possible. The report delivery must be within 30 days of its appointment. The Surveyor must submit its assessment report to the insured, giving his comments on the consent of the policyholder or loss assessment.

 

 


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Dushyant Sharma
Author: Dushyant Sharma

Hey there, I'm Dushyant Sharma. With the extensive knowledge I've gained in past 8 years, I have been creating content on various subjects such as banking, insurance, telecom, and all the important registration and licensing processes for various companies. I'm here to help everyone with my expertise in these areas through my articles.

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