INSURANCE SURVEYORS VALUERS

Rakesh Chander Tiwari


Rahul Sharma


Insurance Surveyors Valuers

As per the IRDA guideline, any claim exceeding Rs. 50,000/- (for motor insurance) and Rs. 1,00,000 (for other insurance) under insurance must be examined/ surveyed by an independent professional. These professionals are called as Insurance surveyor and/ or loss assessor. These independent professionals are licensed by the agency and do not work under any company. They are contacted by the insurance companies or the insured when there is a claim to be settled. The surveyor assesses the loss and submits its report quantifying the loss so as to make a decision that how much claim has to be given. This has become necessary so as to avoid false claims. The surveyors only assess the general insurance claims. These surveyors can also be hired by the insured so as to match the claims being given by the insurance company.

The surveyors can be individual or a company. The minimum eligibility to become a surveyor is a diploma/ graduate in engineering/ architecture/ naval architecture, fellow or associate of IISA/ ICWA or any other technical qualification, as specified by the authority. To become a surveyor, one must apply to IRDAI through form 1-AF (individual) and/ or form 3-AF (company). In the case of companies, all the directors and partners must possess any or more qualifications specified by the agency. Once the license has been given, the same may be renewed by submitting form 5-AF (for individual) or 6-AF (for companies), at least 30 days before the expiry of the license.

The areas in which the surveyor is licensed to work are Crop, Engineering, Fire, Loss of Profit Marine cargo, Marine Hull, Motor and Miscellaneous. The surveyors are hired within 72 hours of filing the claim and the report need to be submitted within one month of the appointment of the surveyor. However, the date of submission of report may be delayed beyond one month, in exceptional circumstances, but cannot exceed beyond 6 months.