It is expected from every licensed Licensed Surveyor and Loss Assessor that he or she must investigate, manage, quantify, validate and deal with losses (whether insured or not) arising from any contingency. And they must also report the assessment to the insurer or insured, whichever the case. Therefore, all Licensed Surveyors and Loss Assessors must carry out the work with competence, objectivity, and professional integrity and strictly adhere to the code of conduct as stipulated in these Regulations.
Here in this article, we are discussing some of the duties and responsibilities issued by the IRDAI to a registered Insurance Surveyor and Loss Assessor. Read More: NBFC Registration
Duties and Responsibilities of a Surveyor and Loss Assessor
Interests
An Assessor must declare his interest in the subject matter. Or the interest pertains to any of his relatives, business partners, or material shareholding. Here clause ‘relatives’ means any of the relatives defined in Section 2 of the Companies Act of 2013.
Reflecting Changes
A Surveyor and Loss Assessor must bring to the notice of the Authority any change in the information furnished at the time of issuance of a Surveyor in Insurance license. The Surveyor must submit the particulars within fifteen days from the date of occurrence of such change.
Maintain Confidentiality
An Assessor must maintain confidentiality and neutrality without jeopardizing the insurer’s liability and claim of the insured.
Inspection
A Surveyor and Loss Assessor must inspect and re-inspect the property in question suffering a loss. A Surveyor and Loss Assessor must examine, inquire, investigate, verify and check upon the causes and the circumstances of the loss. These surveillances must also include the extent of loss, nature of ownership, and insurable interest.
Surveying
The Assessor must conduct spot and final surveys as and when necessary. They must also comment upon the franchise, excess/under insurance, and other related matters.
Loss Reporting
An Insurance Assessor must estimate, measure, and determine the quantum and description of the subject under loss.
Loss Minimization
A Surveyor and Loss Assessor must advise the insurer and the insured about loss minimization. They must also detail about the loss control, security, and safety measures, wherever appropriate, to avoid further losses. Read More:
Resolving Queries
An Insurance Assessor must satisfy the queries of the insured or insurer and persons connected in respect of the claim or loss.
Recommendations to the Insurer
It must recommend the applicability of depreciation, percentage, and quantum of depreciation. In addition, it must give reasons for repudiation of the claim in case policy terms and conditions do not cover the claim. Finally, they must take expert opinion wherever required and comment on salvage and its disposal wherever necessary.
Conversion to Corporate Surveyor and Loss Assessor structure
Any licensed Surveyor and Loss Assessor appointed as a director or a partner of a Company or a Firm seeking application for grant of Corporate Surveyor license must undertake survey jobs as well as issue survey reports only in the capacity of the director or partner of the applicant company or firm.
Report Submission
A Surveyor and Loss Assessor, appointed by an insurer or insured, must submit his report to the insurer as expeditiously as possible. But the Surveyor in Insurance must submit it no later than 30 days after his appointment. Also, the Assessor must share a copy of the report to the insured giving his comments on the insured’s consent on the assessment of loss.
In special circumstances, the Surveyor in Insurance must, under intimation to the insured, seek an extension. This extension must not exceed more than six months, from the insurer for submission of his report.
