Insurance Surveyor and Loss Assessor: Functions and Responsibilities

Insurance policies are of several kinds, each trying to safeguard the future of various aspects of your life. Not limited to life and health anymore, insurance policies now also exists for homes, cars, properties, business cargoes and more.

However, when it’s time to file the claim, how much you’ve asked for and how much your insure would pay is a different story. Maybe he won’t believe you, or maybe, the claim you’ve asked for is more than your insurance covered. In that case, an insurance surveyor and loss assessor arrives at your doorstep to verify the truth behind your insurance claim.

This article details the functions and responsibilities of such a surveyor and loss assessor.

What is a surveyor and loss assessor?

A surveyor and loss assessor is a professional intermediary between an insurer and the insured. It can be an individual, a corporate entity or a firm that has acquired certificate of registration from the IRDA to provide loss assessment and surveying services to the clients.

To obtain said certificate of registration, the applicant has to proof that have the requisite qualification to survey a particular type of insurance policy. For instance, if it’s the matter of crop insurance, the surveyor should be a professional or a corporate entity with professionals with qualification in agricultural sciences.

What are the responsibilities for those with surveyor and loss assessor license?

The IRDA regulations set forth specifically for surveyors and loss assessors state that these entities have to fulfil the following responsibilities:

1. Inspecting and re-inspecting the insured property for which the insurer has made claims.
2. Maintaining confidentiality and remaining neutral so that the insurer’s liability or the insure claim’s aren’t compromised.
3. Analyzing, questioning, investigating, checking and verifying the causes and circumstances of the loss in question including the nature of ownership, the extent of loss and the insurable interest.
4. Surveying and estimating the quantum of loss. Read More: Money Wallet License
5. Providing advice to the insurance companies and the insured about how to control and minimize loss, and how to put down security measures to prevent such issues in future.
6. Commenting whether the loss of admissible and watching over the warranty conditions of the subject of insurance
7. Assessing how much the insurer is liable for covering the loss
8. Asking for expert opinions from an independent expert if it’s required to give a precise assessment of the loss to the insurer.
9. In case the insurance claims can’t be fulfilled, giving a reason for this rejection to the insured

Conclusion

Those with the Surveyor loss assessor license have the toughest job. They have to provide the service to the insurer –giving them the correct picture of the insurance claims that the insurer have made.

At the same time, they have to be neutral, which means helping the insure see the harsh truth in case his insurance claims can’t be fulfill. Read More:RNI Registration

That being say, it’s the hard choices of a surveyor that has made it such a sough-after insurance entity. If you want to become one on your own, you can get start by filing the application for surveyor loss assessor license. 

What are the responsibilities of an Insurance surveyor and loss assessor? This blog highlights them in a simple language so that you can decide whether to apply for the surveyor loss assessor license.