Hyderabad:
The insurance regulator IRDAI on Tuesday has enlarged the class of business or line of business (LoB),like claims under insurance policies including travel and personal accident covers and claims under Aviation Hull insurance policies and Cyber insurance policies,those need not mandatorily use licensed surveyors before settling any claims in those segments.
Any claims, in respect of loss or damage to crop, trees, plantations and forests which are covered by the government sponsored schemes and claims under policies of motor vehicle insurance wherein the claim is on account of theft or injury/death to third parties,can now be settled without mandatorily involving a certified surveyor.
In a notification on Tuesday termed as “Exemption of classes of claims under sub-section (10) of Section 64UM of the Insurance Act, 1938''. Sujay Banarjee, member(Distribution),IRDAI,said in exercise of the powers conferred by sub-section (10) of Section 64UM of the Insurance Act, 1938, (4 of 1938), the IRDAI has enlarged the exemptions of som more portfolios where use of a surveyor is not mandatory now.
However, industry sources point ot that in segments like Fire and Engineering, the general insurers will have to continue the mandatory practice of appointing a surveyor to settle any claims which are above Rs50,000.
The following class of business which are now exempted from inolving a surveyor for settling any claim.
– claims under policies in respect of which documentary evidence of the value of loss is available in the form of Police Reports, short-landing or non-delivery certificates issued by Port Trusts, Railways or other public or semi-Government authorities, claims in respect of which excise authorities give a certificate for dutiable items and sling loss claims certified by Harbour Authorities.
– claims of General Average under marine policies.
– claims of total loss or constructive total loss under agreed value insurance policies or valued policies as defined in Section 29 of the Marine Insurance Act, 1963 (11 of 1963).
-claims under policies of motor vehicle insurance wherein the claim is on account of theft or injury/death to third parties.
-claims under Health Insurance Policies including travel and personal accident covers,
-claims under Workmen’s Compensation/ Benefit policies under the Employees Compensation (Amendment) Act, 2009 or similar Act.
-claims under public liability policies, including third party liability, Professional indemnity, products liability and personal liability except where liability arising out of property damage or defect to physical property/goods are involved.
-claims under Aviation Hull insurance policies and Cyber insurance policies.
-claims under Money insurance including cash in transit policies.
– claims under All risks and Burglary insurance policies on personal effects and jewelry.
-claims under Race Horses insurance policies and Live-stock insurance policies.
– claims in respect of loss or damage to crop, trees, plantations and forests which are covered by Government sponsored Schemes.
-claims in respect of loss or damage to tea in transit from gardens in India.
-claims under policies of the nature of Bonds and Guarantees including fidelity guarantees, Bankers’ Blanket policies, credit insurance, and under policies insuring contractual liability.
-claims in respect of which the amount of claim is determined by recognized and well-established conventions or under agreements.
–claims, the amount of which has been adjudicated upon or decreed by courts.