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Frequently Asked Questions
What is Claims
Investigation?
Representation of Underwriters, Insurers, Assurers and
Re-Insurers in the investigation of Claims under all types
of Policies and the establishment/Investigation of Policy
Liability, offering advice upon whether or not liability
attaches under a given Policy. The investigation of the full
circumstances surrounding any given Loss, e.g., establishing
how thieves or burglars gained entry to the insured Premises
and/or forced open Safes or Strong Rooms etc; investigating
and establishing the Seat, Cause, Spread and Stop of a Fire;
determining the Cause of a Bridge Collapse or Road Wash-out;
establishing how a Bank Fraud was perpetrated, etc.
What is Loss
Adjusters?
As a follow-up to the above,
receipt of Claim details from the Claimant; thorough and
detailed consideration of Claim supporting
documentation/evidences; determining the amount and the
extent of the Loss, within the Terms, Conditions and
Warranties attaching to the Policy in question and verifying
the Claimant’s compliance - or otherwise - with any
applicable Warranties, etc; verification and determination
of the adequacy of the Sum(s) Insured and the application of
Average, as appropriate (Pro-Rata, Declaration, First Loss,
etc.). Providing an advisory service to Insurers, etc., upon
the extent of liability under the Policy and recommending
the amount of Settlement, taking full account of any and all
applicable Terms & Conditions, etc. Acting as an
independent, impartial and fair intermediary between
Underwriters and the Insuring Public.
What is Risk
Assessment Surveys?
Risk Surveys can be undertaken on behalf of Underwriters,
Brokers and/or members of the Insuring Public and involve
the physical inspection of the Premises to be insured,
assessing same in respect of soundness, housekeeping,
security and compliance with Policy Warranties and
requirements. Assessing the probability of the
insured Risk occurring (e.g., Fire, or Burglary) and
assessing the probable extent of Loss, in the event of the
Insured Peril taking place. Making recommendations to
diminish the probability of the Loss occurring and/or steps
to be taken to reduce the extent of damage, e.g., the
quantity, type and placement of Fire Extinguishment
Appliances; the adequacy - or otherwise - of existing Water
Supplies for Fire Fighting and steps which may be taken to
improve same; the quantity, type and placement of
Anti-burglar Systems, etc.
The principal purpose and aim of such
Surveys is, when action taken on behalf of Underwriters, to
improve the Risk and to reduce the probability of the
insured event occurring, and when undertaken on behalf of
the Broker or the Insured, to improve the Risk, with the
principal aim of reducing premium rates. This type of
service can also incorporate Risk Management and/or Claims
Advice - the former to control and manage the Risk, by means
of regular Surveys and up-grading a given Risk by advising
all available and necessary
measures to govern Risk Factors; the latter, in the event of
the occurrence of a Loss, to advise and render assistance to
the Underwriter, Broker or Claimant to fairly and equitably
protect the rights and positions of Claimants and
Underwriters, with a view to a fair and accelerated
Settlement, within the Policy Terms and
Conditions.
What is Risk
Management Services?
Following on from Risk Surveys comes Risk
Management and, having identified risk factors, the setting
up of a well-structured & clearly defined Risk Management
program, to aid in the treatment of identified risk factors,
leading to the reduction of losses and the designing and
implementation of appropriate employee training programs.
The provision of advice to Clients by Risk Management
Consultants aims to bring about the Client’s compliance with
Risk Survey recommendations, with Standards & Guidelines to
provide benchmarks against the given Risk. The adoption of a
Risk Management Program can produce savings in insurance
premiums, but this is not necessarily the sole aim, which
should be to identify risk factors and to provide a measured
and well-managed Risk with a view to providing the Client
with a targeted return on equity, as physical, procedural
and operational Risk Management measures aim not only to
prevent losses, but also to strengthen the overall
operational integrity of the Client.
Marine
& Aviation – Cargo Discharge Supervision
The provision of Cargo Supervision Services, i.e., the
inspection of the Cargo in the hold of the carrying vessel
or aircraft, prior to discharge; supervision of off-loading;
supervision of Customs Examination; supervision of
Port/Airport yard transit(s) and Clearing Agents storage;
supervision of Port/Airport clearance and loading onto
transporter’s vehicle(s) for inland transport, to final
destination; if required, continuous attendance throughout
inland transportation; supervision of off-loading at the
final destination and final examination of the Cargo upon
arrival at the final destination. The issuance of
appropriate Short Landing/Discrepant Certificates, Protest
Notices to Shippers and/or Shipping Agents, etc.
Inspection/Damage Survey Reports to and/or on behalf of
Assurers and/or Consignees, etc.
Valuations
Valuations can be undertaken for a variety of purposes, but
usually to provide an up-to-date and comprehensive
Valuation, which can be on Reinstatement Value (i.e., the
current, replacement cost), Market Value (i.e., the value of
a given commodity or group of commodities - Buildings, Plant
& Machinery, Fixtures & Fittings, Tools & Equipment, Stocks
& Raw Materials, etc., - in an open and competitive market,
taking into account availability, age, condition and
demand), or Indemnity Value (i.e., the value of the
commodity, calculated by reducing the Reinstatement Value by
known factors such as Depreciation, Wear & Tear,
Obsolescence, etc.) Such Valuations can be used to determine
the correct value for which the Property etc., ought to be
insured - within the Terms etc., of a stated Insurance
Policy, or to establish the Value of certain properties with
a view to meeting the requirements of Banks and/or Financial
Houses, etc., for the purposes of providing an acceptable
assessment of the worth of Properties being used to secure
investments/loans/overdrafts, etc.
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