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Case Study
Office insurance / Corporate cover - Case Study 1
Customer Details: A government organization
Industry: Hospitality and Tourism
Location: Parliament Street, New Delhi
Summary
On 24th May 2007, office was closed at 20:40 hr and keys were deposited. Next day, at 9:15 am, as the employee tried to log on his computer, it continuously flashed a message “Connection Required”. It was found that some parts of the computer were missing.
There is no possibility of anyone getting inside from entrance without guards permission after keys are deposited.
Cause of loss and what followed there after?
Our surveyor visited the office the very next day 26th May 2007. The cause of loss was identified by the surveyor as “Burglary”. The surveyor found out that the knobs of the toilet windows was broken through which the burglar entered the premises. The nature and extent of damages were finalized. The burgled items included Hard disks, RAMs, Mother Boards, CPUs etc.
Final Payout
Gross loss was accessed at approximately Rs 170000/-. However, not all of the items burgled were insured. Deducting the value of such uninsured items and applying appropriate depreciation and applicable deductible on the insured one, the customer was immediately paid Rs 118000/-, thereby enabling the customer to reduce the financial impact on his business and smoothly handle the situation.
What the customer liked
1. Quick payout – no unnecessary delay, resulted in happy customer and repeat insurance from him. The policy is still being continued with us.
2. The customer appreciated the value of insuring all items (as some items were not insured, it impacted the overall claim amount to be paid) and increased the sum insured in next policy.
3. Our surveyor was not only able to find out the possible way of entry, he also suggested the loss minimization methods, using which such events can be prevented / minimized in future. This, to the customer, was a great value addition.
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Office insurance / Corporate cover - Case Study 2
Customer Details: A leading media company
Loss Location: New Friends Colony, Delhi
Summary
On 25th May 2007, at around 7:30pm, a unit of the insured with camera personnel was going for shooting a story on guest live link. During the journey, OB Van antenna suddenly hit the branches on the road side tree. Due to accidental collision of dish antenna with a branch of nearby tree, the alignment of the dish antenna and the assembly of the antenna (e.g. HPA, HPA PSU, BUC, ACU) were found damaged.
Our surveyor reached the location on 26th may 2007, examined and cause of loss and the whole situation and prepared the survey report on the same date.
The insured has opted for ALL RISKS Cover, under which this loss was found covered.
Final Payout
The loss and damage to the material as well as the cost of repairing were assessed and once the insured submitted the required documents, an amount of Rs 152000 was paid. The complete process of survey to document submission by the insured and the final payment were completed by August 2007.
What the customer liked
1. Quick Survey – It happened the very next day, in the morning, while los had happened in the evening.
2. Quick Processing – The entire process was over by Aug 2007, a large part of which was the time taken by the insured to provide us the documents. Still, the complete process was over in such timeframe and this pleased the customer.
3. The customer was so happy with the professional approach and the high level of customer care that even now, it has renewed the policy with ICICI Lombard, when the competition has offered quote to provide insurance at relatively lower rates.
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Office insurance / Corporate cover - Case Study 3
Customer Details: Government organization
Industry: Bank and Financial Institutions
Location: BKC, Bandra (East), Mumbai
Summary
On 24th February 2008, Sony Plasma-Color Television was found to be non functional due to damage to mounted PWB (Board), which was caused due to electrical surge.
Cause of loss and what followed there after?
Our surveyor visited the loss location, immediately after intimation of the Claim. The cause of loss was identified by the surveyor as “Electrical Surge” due to which, Mounted PWB, A board of Sony Plasma-Color Television got damaged. The nature and extent of damages were finalized.
Since the customer has opted for All Risks cover, the peril was covered here. However, the customer has not provided the complete asset details at the time of booking. The surveyor’s initial recommendation accordingly was that the claim was inadmissible because of this reason. We as a gesture of customer convenience investigated and found out that the TV was actually covered and it was negligence on the part of customer not to have provided the details earlier. Since the claim was genuine, we decided to follow the morally right path and pay to the customer.
The details were obtained and provided to the surveyor and though it took a lot of time and effort, in the end, the customer was able to provide the required details and hence, the surveyor’s final recommendation was to pay the customer.
Final Payout
Approximate replacement cost of affected plasma TV was found out by the surveyor and accordingly, a final payment of approximately Rs 33800/- was paid to the client.
What the customer liked
1. Our approach – Even when it was negligence on part of customer and ICICI Lombard could have repudiated the claim, the approach of ICICI Lombard to give a fair assessment was delightful to the customer. The amount may not have been significant, but the approach brought respect in customer’s perspective towards ICICI Lombard.
2. Selecting Right Cover – The claim was payable since All Risks cover was opted. Otherwise, it might not have been payable. This was decided as per the advice of ICICI Lombard representative at the time of booking.
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