Insurance: Claiming damages due to cyclone is now easier
Insurance Claiming Damages With IRDAI calling for speedy settlement of claims.
Insurers are encouraging policyholders to file claims online.
Guidelines from IRDAI
Insurance Claiming Damages companies will have to nominate a senior officer at the company level who would act as a nodal officer for the affect states.
The officer will coordinate the receipt, processing & settlement of all eligible claims.
The nodal officer will establish contact with the chief secretary.
The officer concern of the state governments for subsequent follow-up.
General insurers have to ensure that all claims are survey immediately by engaging an adequate number of surveyors.
Claim payments are disburse at the earliest
Insurers will encourage policyholders to use electronic communication for filing the claim.
Ensure digital processes for assessment of claims.
For life insurers, the regulator’s guidelines underline immediate action to ensure that all reported
Claims are register and eligible claims are settle promptly.
Special attention is to be given to Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) claims.
In case of loss of life, where there is difficulty in obtaining a death certificate due to non-recovery of body.
The process follow in the case of Chennai floods in 2015 will have to be consider.
IRDAI has ask insurers to submit a weekly state-wise progress report on claims settle.
PMJJBY claims data need to be submit separately in total claims.
How to file general insurance claims
If a person has a householder’s policy, house policy, motor policy, he can file for claims settlement.
The policyholder should not remove items from the place of occurrence as.
The insurer will depute a loss assessor to inspect the affected site or the damaged property.
All the items must be allowed for inspection in the ‘as is where’ condition.
If he is unable to locate the insurance policy, he should intimate the company.
Home insurance policies cover both building household goods and a policyholder can claim.
The cost of repairing the building as well as furniture, electronic goods, clothing, etc.
In the claims form, the policyholder must give personal details and the details of the damage.
An assessor from the insurance company will assess the damage and the claims amount will be fix.
If the policyholder is not satisfy with the assessment of loss make by the insurer.
Then he must insist that the insurance company review the assessment before signing the discharge voucher for settlement of claims.
For motor insurance claims
Policyholders must inform the insurance company within one month.
Providing all the relevant documents and photographs of the damage or submerge vehicle.
The company will send a service personnel from a garage where the company has a tie-up to access the damage.
The service person will inform the company about the extent of the damage and the estimate cost of the repair.
The insurance company will get the vehicle tow to a network garage for the repair and cashless claims.
A policyholder must note that barring a zero depreciation policy.
The policyholder will have to bear some cost of the repair such as plastic parts.
If the car was submerged under water, the policyholder must not start the engine as.
The insurance company will not pay for any losses if the owner tries to start the engine of the vehicle in a waterlog condition & damages it.
How to file life insurance claims
For life insurance, the nominee of the deceased policyholder will have to contact the insurance company.
Submit a claim form, death certificate, original policy document (most insurers will not insist on the original policy document if it is lost during the cyclone).
In case there is difficulty in getting a death certificate, the nominee can register the claim base on a certificate of death from any local government authority or post-mortem report.
Insurers can also refer to the list of missing persons or deaths as issued by the government during situations such as cyclone or flood.
In PMJJBY, the nominee of the insured policyholder can claim Rs 2 lakh on death.
Risk cover is provided to people in the 18- 55 years age group.
The nominee will have to approach the bank where the policyholder had a savings account.
Submit the claims form, discharge receipt, death certificate.
A cancelled cheque of the nominee’s bank account.
After receiving the death intimation, the bank will check whether the cover for the said member was in-force on the date of his death.
Verify the claim form and the nominee details from the records available with it.
Then submit the documents to the insurance company for claims payout.
Home insurance claims during a cyclone
With such cyclonic damages, people have faced tremendous damage to their belongings and homes.
In such a scenario, home insurance plans come to their rescue.
A home insurance plan covers natural calamities such as flood, earthquake, cyclone, and man-made calamities.
Home Insurance is a similar plan, available on Finserv MARKETS, that has you cover extensively.
With both building and household articles covered, a home insurance plan helps recover your life after a disaster.
A policy holder can claim against the home insurance plan by informing the insurer about the damage caused by the cyclone.
In such cases, it is also very important to keep your home in the same state after the cyclone hits the premise.