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Loss Survey Limits for Categorised Surveyors

The categorisation of surveyors is presently being done in three categories viz., A, B and C. The categorisation is done by the norms defined by IRDAI. The categorisation allows the surveyors to handle claims within a financial limit in a particular product line.

IRDAI, 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 IRDAI, the following are the financial limits internally set by the company for allocation of the claim surveys.

Line of Business
Corporate Surveyors
License Category
Category C Category B Category A
Fire up to `50 Lacs up to `1 Cr No Limit
Marine Cargo up to `50 Lacs up to `1 Cr No Limit
Marine Hull up to `50 Lacs up to `1 Cr No Limit
Motor up to `10 Lacs up to `15 Lacs No Limit
Engineering up to `50 Lacs up to `1 Cr No Limit
Loss of Profits up to `50 Lacs up to `1 Cr No Limit
Miscellaneous up to `50 Lacs up to `1 Cr No Limit

Line of Business
Individual
License Category
Category C Category B Category A
Fire up to `1 Cr up to `5 Cr No Limit
Marine Cargo up to `1 Cr up to `5 Cr No Limit
Marine Hull up to `1 Cr up to `5 Cr No Limit
Motor up to `10 Lacs up to `15 Lacs No Limit
Engineering up to `1 Cr up to `5 Cr No Limit
Loss of Profits up to `1 Cr up to `5 Cr No Limit
Miscellaneous up to `1 Cr up to `5 Cr No Limit

* In cases of a bundled or packaged Policies covering multiple risks/perils which can otherwise be covered under a separate individual Policies, the appointment of Surveyor shall be based upon the risk/peril triggering the loss under the Policy.

* For claims, where survey is required to be done at locations outside India, International surveyors of repute shall be appointed.

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.