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ICICI Lombard Expert Blog
 

Flood Claim Norms Relaxed by Insurance Firms

September 01 2018
Insurance

Owing to the losses and damage suffered by the victims of the Kerala floods, all general insurance companies in the public sector have unanimously agreed upon a common strategy with simplified procedural guidelines to facilitate speedy settlement of insurance claims, according to the Chairman and Managing Director of a leading insurance company.

At a recent press meet, the said chairman stated that his company had already started claim settlement and that all claims were being processed within the span of 24 hours. As of late August, four insurance companies had together received around 11,500 claims for damages estimated at ₹1,200 crore.

In late August he also said, “We expect the claims to go up by another 50 percent by next week. People should try to submit the claims forms as soon as possible. Photographic evidence would be a great help in assessing the damage, especially where surveyors have not been able to reach”. The “no tag-no claim” norm for cattle insurance claims has been waived off and so has the 15 days waiting period. Additionally, the post-mortem examination report requirement has also been waived off.

Among the broad guidelines that have been agreed upon by general insurance companies, simplified claim form intimation, waiver of FIR/meteorological report, waiver of post-mortem examination and FIR for personal accident claims, and fast-track settlement of up to ₹3,500 for two-wheelers with minimum damage are a few of them.

Moreover, the insurance claim intimation time limit has been extended up to September 30th for individual clients, while for others the date fixed was September 15th.

*Source:The Hindu

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