IMPORTANT POINTS TO REMEMBER WHILE BUYING THE POLICY
It is recommended to have a pre inspection if it was installed more than 2 years ago.
The same will help to establish the loss at the time of claim.
Location should be clearly mentioned in the policy.
To avoid any ambiguity at the time of claim it is recommended to provide complete risk location.
During the time of storm and flood claim metrological report is mandatory which is difficult to arrange specially in tier II cities.
Instead of metrological report which is mandatory at the time of storm and flood claims, news paper cutting would be accepted to process the claim.
Key Documents at The Time Of Claims
General Claim Intimation
Format
Immediate Action Client
Should Take
Indicative General Documents
for Settlement of Claims
General Claim Intimation Format
Date of Loss
Description of Loss
Contact person Details
Approx Loss
Policy Number
Loss Location
Immediate Action Client Should Take
Take photographs/ Video
Take all necessary steps to minimise the loss
Inform the Insurance company
Seal the area where the glass has damaged so that it does not cause any further damage to surrounding property or any bodily injury
Indicative General Documents for Settlement of Claims
Photographs
Repair Bills
FIR copy
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Claim Case Study - 1
1
Situation
Neon signage of a retail outlet got damaged due to storm.
2
Challenge
The outlet had been recently opened and it was not added in the policy
3
Solution
The client was maintaining CD balance for its commercial policy. Hence it was possible get the location added in the policy after charging the premium from the CD balance.
4
Advisory/Conclusion
All the locations should be added in the policy. Any change in the location address should intimated to the insurer immediately.