New Delhi: Insurance Regulatory and Development Authority (IRDA), in view of the devastating floods in Kerala, has instructed insurance companies to have a simplified claims settlement procedure for Kerala flood victims and their kin.
IRDA has said the insurance companies should follow a procedure similar to the one used to settle claims after the Chennai floods in 2015.
This comes at a time when 324 lives have been lost and more than 2 lakh people have been displaced in the coastal state since 8 August due to the torrential rains.
IRDA also said that there was an urgent need for us to take immediate steps to mitigate the hardships of the affected insured population of the states by ensuring immediate registration and settlement of eligible claims.
The IRDA had asked companies to settle claims within 15 days during the Chennai floods in December, 2015.
“The recent flood has caused immense loss to life and property in the States of Tamil Nadu, Puducherry and neighbouring districts of Andhra Pradesh. It needs to be ensured that all claims are surveyed within 72 hours and claim payments/on account payments are disbursed within 15 days,” Nilesh Sathe, Member, (Life) IRDA said then.
According to IRDA, here’s how you can claim your insurance if your vehicle or property has been damaged:
How To Make a Claim – Motor:
Third Party Claim
In a third party claim, where your vehicle is involved, it is important to ensure that the accident is reported immediately to the police as well as to the insurance company.
On the other hand, if you are a victim, that is, if somebody else’s vehicle was involved, you must obtain the insurance details of that vehicle and make an intimation to the insurer of that vehicle.
Own Damage Claim
In the event of an own damage claim, that is, where your own vehicle is damaged due to an accident, you must immediately inform insurance company and police, wherever required, to enable them to depute a surveyor to assess the loss.
Do not attempt to move the vehicle from the accident spot without the permission of police and the insurance company.
Once you receive permission for removal of the vehicle and for repairs, you can do so.
If your policy provides for cashless service, which means you do not have to pay out of your pocket for covered damages, the insurance company will pay the workshop directly.
In either of these situations, you must intimate the insurance company immediately.
How To Make a Claim – Property
There could be several types of policies that cover property and the property itself could be stationery - like a building, or moving around - like your household goods being transported.
When you receive your policy, familiarise yourself with the documents required for a claim as well as the procedures to be followed.
Whether or not a claim arises you must follow the various dos and don’ts in respect of your property for the duration of the policy. These dos and don’ts are termed warranties and conditions in your policy document.
In general, losses and damages, including those due to theft, fire and flood need to be intimated to the relevant authorities such as the police, the fire brigade and so on. It is important to ensure that you intimate your insurance company to enable it to send a surveyor for surveying and assessing the loss.