Loss Survey Limits for Categorized Surveyors

The categorization of surveyors is presently being done in three categories viz) A, B & C. The categorization is done by IRDA as per the norms defined by them. The categorization allows the surveyors to handle claims within a financial limit in a particular product line.

IRDA, vide its circular ref. 026/ IRDA/ SUR/ CIR/ DEC-08 dated December 22, 2008 has allowed the insurance companies to have their own internal limits in allocation of survey / loss assessment work to the three categories of surveyors.

While the classification of surveyors in each of the three categories is still the prerogative of IRDA, the following are the financial limits internally set by the Company for allocation of the claim surveys.
Line of Business Category
Fire up to 10 Lac up to 25 Lac No Limit
Marine Cargo up to 7.5 Lac up to 15 Lac No Limit
Marine Hull up to 5 Lac up to 15 Lac No Limit
Motor up to 5 Lac up to 10 Lac No Limit
Engineering up to 10 Lac up to 15 Lac No Limit
Loss of Profits up to 50 Lac up to 1 Crore No Limit
Miscellaneous up to 7.5 Lac up to 15 Lac No Limit

These revised financial limits shall come in force with immediate effect. The allocation of the claim to the surveyor shall be on the basis of initial estimate of the loss.
All are advised to make a note of the revised limits and allocate the claims accordingly.

Close proximity claim (claim occurring within 30 days of the commencement of the cover) or complex claims may be assigned to surveyor of a higher category based on the discretion of the underwriter/ claim handler.

Any deviation to the rules not provided for above shall require the approval of the Chief Underwriting Officer of the Company. All such deviations shall be documented and maintained centrally.