Claim Settlement Procedure

On receipt of a loss intimation through in writing or over telephone the first step is to verify that:

  1. Whether the policy is in forced or not.
  2. The risks under which the loss is reported is covered under the policy
  3. Whether the properties as affected were covered or not and location of the same is under the scope of policy.After checking the policy a claim is registered and a claim number allocated to the Insured. This claim number is used in all future correspondence for easy reference. A claim form is issued to the Insured for completion and return with some papers/documents in support of the loss. A registered Surveyor is appointed to investigate and report on the cause and extent of loss.

The following papers/documents are usually required for settlement of claim:

Fire Claim

  1. Copy of Cover Note/Policy.
  2. Copy of G D Entry/FIR
  3. Stock Report duly Certified by the Bank (in case of Bank Loan)
  4. Fire Brigade Report
  5. Import/Purchase documents of Fire affected items
  6. Statement of a responsible Officer/Staff regarding the incident
  7. Valid papers regarding the Electrical Connection of the Insured Premises
  8. Periodic Test Report of Electrical Circuit Board from a competent authority
  9. Approval letter from Competent Authority in case of Captive Power Plant
  10. Claim Bill showing value of fire affected items (supported by price quotation/Bill)
  11. Any other papers depending on circumstances of the loss

Marine (Cargo) Claim

  1. Original Marine Policy
  2. Bill of Lading/Air Waybill/Consignment Note
  3. Commercial Invoice
  4. Packing List
  5. Bill of Entry including Customs Release Order of Imported goods
  6. Joint Survey Report held at port of discharge
  7. Short Landing Certificate/Non Delivery Certificate
  8. Copy of Correspondence exchanged with the Carrier/or other liable party for recovery of the loss
  9. Truck Challan/Delivery Challan
  10. Copy of G. D. Entry in case of accident of the carrying vehicle
  11. Claim Bill
  12. Any other papers depending on circumstances of the loss

Motor Claim

  1. Copy of Motor Certificate
  2. Copy of G. D. Entry/FIR
  3. Copy of Registration Certificate, Tax Token & Fitness Certificate of the Vehicle
  4. Copy of Driving License
  5. Driver's Statement regarding the accident
  6. Copy of Route Permit of the Vehicle
  7. Repairing Estimate/Quotation of the damaged Vehicle
  8. Police Final Report/Charge Sheet in case of theft loss

After receipt of survey report and necessary papers/documents if those are found in order then a claim is settled through payment of the amount recommended by the Surveyor.