What is the first step that i need to take in event of a loss to my insured property?
In case of an unfortunate event of damage to your insured property or an injury to any third person consequent to use of your insured property, you need to immediately contact us. In a rare case that you find it difficult to communicate through any of the above modes, you may immediately inform of the loss to your banker who shall contact us for further formalities. your claim.
After inimation of claim, what actions do i take ?
Unless it is required by local authorities, please do not disturb the location of loss so that the surveyor can get first hand information of the circumstances of loss. In cases like fire or burglary, please lodge requisite complaints immediately to the local authorities. It is very important that you take immediate and suitable actions to minimize the loss for all concerned. Remember, it is your property and it is in your interest to ensure the loss is restricted to a minimum.
What happens if there is a delay in intimation of claim?
Though we shall provide all assistance to you for assessing the loss, however, a delayed notification would mean alteration of pristine circumstance of the loss and hence will entail additional enquiries and documents by the surveyor. It is in your interest to report a loss immediately and leave the burden of further procedures on us.
Who is a surveyor and what is his role?
A surveyor is an independent professional duly licensed by IRDA who is appointed based on the nature and quantum of estimated loss to visit the accident site and procure first hand information relating to the cause and extent of loss. He shall verify the damaged property and check documents related thereto. The sooner you submit the documents requested by surveyor, the faster he finalizes his report and our claims team shall process the claim without any delay.
What if i have a separate insurance policy with insurance company for the same property?
Never mind, inform both of us simultaneously sharing insurance details and we shall take it up with your other insurer to ensure that there is no hindrance to your claims process.
How do i know if ma loss is covered under policy?
You can do a self check to see if the answers to the following questions are "YES"
Premium -is your premium check cleared by the bank?
Period - whether the insurance is in force at the time of loss?
Peril - whether the cause of loss is covered by the policy? (perils are defined in the policy document)
Property - whether the property said to be affected is insured by the policy?
Place - whether the location of loss is covered by the policy?
Person - whether you have an insurable interest in the damaged property?
If your answers to the above questions are "YES", then your loss stands covered by us, subject to policy terms and conditions.
What is the quantum of claim that i receive?
The amount of claim generally payable depends on the value of the affected property less residual value of damaged property less under-insurance, if any, less compulsory excess as defined in your policy. However, in no circumstance will the total amount of claim exceed the sum insured of your policy.
Who gets the claim payment?
We pay the claim to the Insured. If the damaged property is hypothecated to your banker, then we pay in the name of your banker, however, if you can obtain an NOC from your hypothecator, we have no problem in paying the claim to you.