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Survey Related Steps to be Taken by Insurance Surveyors

Survey procedure and aspects will be taken into consideration during the loss assessment by the surveyor:

• Intimation of loss received on Phone/Email/Website
• To reach the affected site at the earliest, in 12hours
• To obtain the policy and verify the contents
• Record the statement of witnesses
• Take photograph/arrange videography
• Segregate the affected/ safe stocks and conduct the physical inventory and get the joint inventory sheet signed from insured.

• Investigate about the cause of loss, whether within the scope of the policy.
• Any breach of warranty/condition, and if so, whether the breach is material to the loss or not material to the loss.
• Control the loss by obtaining basic documents,
• To take necessary steps to minimize the loss i.e. shifting of safe material to another safe place, segregation of stocks, disposal of salvage,
• Obtain the claim form with detailed statement of loss
• If the stocks were completely burnt and unidentifiable, then take necessary steps to conduct the weighment of ashes.

• Volumetric analysis to be done to calculate the quantum of stocks involved.
• Disposal of Salvage by Tender / Quotations.
• Dead Stock / Slow Moving Stock factors to be considered.
• In case of Plant and Machinery, discuss the nature of damages and possibility of repairs with Service Engineers and obtain the estimates.
• To identify the fire initiating point, fire point.

Verification of Books and Records

a. Stock (Obtain / Verify)

• Copy of Police Report, (Authenticity of Incident, cause of loss)

• Copy of Fire Report
• News Paper cuttings if any
• Verification of books/records (ledger A/cs,
• Sales & Purchase Bills Stock Records etc).
• Analysis of financial transactions.
• Analysis of past performance.
• Involves audit & investigation of books.
• Excise records, returns (Cross Checking)
• Cenvat/Excise duty/Custom Duty.
• Profitability trend.
• Determination of cost & cost components.
• Sale tax laws application.
• Accounting standards application.
• Depreciation element for stocks & for Fixed Assets.

• Interest cost role.
• Valuation of Stock.
• Catching the inflated claims because of financial analysis
• Stock statement sent to bank.
• Sales Tax returns
• Dead Stock & Slow moving stock factor
• Comparison of weighment of ashes.
• Salvaging of stocks / obtain offers.
• Do assessment of loss.

b. Plant & Machinery

• Obtain the capitalization details such as Purchase Bills and Asset register etc.
• Current market value quotations of same type and make machines as on loss date,
• Repair/replacement estimates & discuss with insured & repairers.
• Apply appropriate depreciation according to the nature of machine and normal life of machinery,
• If policy is on Reinstatement basis, physical as well as financial reinstatement to be done and obtain proofs.
• Assess the loss based on observations.

c. Building / Furniture / Fixtures / Fittings

• Obtain Layout Plan of the affected site
• To see nature & type of construction

• Find out year of construction and capitalization in books
• Apply appropriate depreciation based on the type of construction and year of construction.
• Do physical inspection on nature & cause of damage to Building, FFF and attain & discuss estimate of loss
• If policy is on the installment basis then obtain bills, payment profit, ledger, physical re-instatement checks.
• Assess the loss.

Check list

Fire Survey & Assessment Report

1. The Assignment

• Name & address of Insured.

• Name & address of Insurer
• Claim No.
• Policy No.
• Cover Granted
• Name & address of deputing office
• Date of deputation
• Date & Place of survey
• Job Assigned

2. Date & Time of Fire/Loss

3. The Fire/Mishap

• Time & date when fire first observed and any whom.
• Statement of the first and other eye witness (Recorded Statement to be collected).
• When Insured was informed and how ? (This is to be recorded in the Insured statement)
• What action taken by Insured, thereafter (to be recorded from Insured).
• How the fire brigade is informed and when they reached the site?
• Brief detail of fire fighting viz. Local people / Fire Brigade.
• Brief detail of property damaged.
• Total time consumed in fire fighting

4. The Insurance

• Policy Number
• Period of Insurance
• Cover granted
• Sum insured

5. The Interest

6. Section of the Policy Schedule Affected

7. Item of the Section Affected

8. Element of Period Affected and its Coverage.

9. The Insured

• year, firm/business established
• Configuration of the firm : Partnership/Proprietor/Pvt. Limited Co/Public Limited
• Name & age of the Proprietor/Partner/Director available at the time status (statement to be recorded)
• Occupation of firm/insured
• Gross Annual Turnover
• Monthly/Annual Purchase/Sale
• Purchase/Sale in cash/credit
• Sales - purchase Modus operandi
• Previous history of Insurance
• Moral Hazard
• Financial Assistance from Bank/ Financial Institution. Give details
• Previous claim experience and history of Insurance

10. The Risk

• Situation/Location
• Occupations
• Construction of Walls. Roof & class of construction with block wise details if various block are involved.
• Communication North-South, East-West details of occupation of adjoining risk and the manner in which they are communicating. If Blockwise schedule, then give blockwise details.
• Comments of any extra feature introduced during the currency of the policy.
• Fire fighting arrangement. Give details (Location), (Type Comments).

11. Fire Brigade Report

• Name of station issued/address.
• Time of information by whom.
• When they reached the site?
• Distance from Insured risk.
• Time consumed in fire fighting.
• Equipment involved
• Km. water issued
• Cause of loss
• Value of total
• For fire brigade

12. F.I.R.

• Name
• Report number & date
• Time when
• Brief version of report (refer FIR)

13. Cause of Fire

• Most effective area and its location - observation
• Condition of Electric Writing/Connection.
• Inspection for blown fuses/protector devices
• Enquiries about shut off Electric line during closure of firm with insured (record statement)
• What time the shop was closed just prior to fire.
• Whether any supply failure between the closure and knowledge of fire?
• Enquiry with local people on this aspect.
• Any other observations

14. Job to be done at Site

• Physical inventory of damages/stock affected in consultation with insured. The segregation should be done in a manner to ensure that the assessment can be worked out within insured system.
• Inception of the fire &/or source of ignition.
• Record statement with eye witness/Insured.
• Enquiries with Bank (Date of limit/loan. Nature of credit facility scheme under which it is sanctioned. Outstanding dues on date, whether regular stock statement submitted to the banker if so collect copies. Whether any inspection is made just prior to fire. If so, take details (copy of Bank statement).
• Verify Books of Accounts. Sign during inspection and take in possession, if desired.

15. Documents to be Collected:

• Claim Form/Claim Bill.
• Policy copy with schedule. If any.
• Fire Brigade report and FIR
• Books of Account
• Stock statement
• Plan lay out of the Risk.
• Estimate of repairs/replacement.
• Costing of damaged goods upto the stage of process they are just prior to loss.
• Original bills, repairing/replacement of damaged items of fixed assets. if desired.
• Proposal Form (to be collected from Branch/DO).
• Insurance Copy of previous policy and burglary insurance.
• Loss minimisation (take not a site).
• Remarks

Burglary Survey & Assessment Report

1. The Assignment

• Name & address of Insured.

• Name & address of Insurer.
• Claim No.
• Policy No.
• Cover Granted
• Name & address of deputing office
• Date of deputation
• Date & Place of survey
• Job Assigned

2. Date & Time of Loss

3. The Mishap

• Time & date when Foul - play first observed and by whom.
• Statement of the first and other eye witness (Recorded Statement to be collect).
• When Insured was informed and how? (This is to be recorded in the Insured statement)
• What action taken by Insured, thereafter (to be recorded from Insured).
• How the Police informed and when they reached the site?
• Inform name of Police station/ I.O.

4. The Insurance

• Policy Number
• Period of Insurance
• Cover granted
• Sum insured

5. The Interest :

6. Section of the Policy Schedule Affected :

7. Item of the Section Affected :

8. Element of Period Affected and its Coverage.

9. The Insured

• Year, firm/business established
• Configuration of the firm : Partnership/Proprietor/Pvt. Limited Co/Public Limited
• Name % age of the Proprietor/Partner/Director available at the time of inspection. His status (Statement to be recorded)
• Occupation of firm/insured
• Gross Annual Turnover
• Monthly/Annual Purchase/Sale
• Purchase/Sale made in cash / credit
• Sales - Modus operandi
• Previous history of Insurance
• Moral Hazard
• Financial Assistance from Bank/Financial Institution. Give details
• Previous claim experience and history of Insurance.

10. The Risk

• Situation/Location
• Occupations
• Construction of Walls. Roof & class of construction with block-wise details if various block are involved.
• Protection, give details.
• Comments on any extra feature introduced during the currency of the policy.

11. F.I.R.

• Name of Police Station
• Date/time when report lodged and by whom
• Name of I.O.
• F.I.R. number and date
• Section of I.P.C./Suit No.

12. Final Report/Chargesheet

• No / date
• Whether accepted by Court?
• Contents
• If goods recovered &/or culprits apprehended - details of charge sheet.

13. Modus Operandi

• Make Plan and sketch portion of risk, location of forcibly entry
• Enquiry with local people on this aspect.

14. Job to be done at Site.

• Physical inventory of stock left after burglary in consultation with insured. The segregation