Indian real estate market is by and large in boom since a decade, where people are increasingly investing in property, but despite that, the demand for property insurance has largely remained stagnant. Our rational judgement says that this should not be the case, because an unfortunate occurrence do not knock and wait at your doorstep before coming in. This unfortunate something could be anything: Fire, Earthquakes, Cyclones, Burglary, you name it. Any of these could leave you considerably poorer as you struggle to pick up the pieces by commencing repair work or replacing destroyed/stolen items. In such situations, property insurance could prove to be a godsend.

Property insurance provides protection to insured property against physical damage arising out of perils covered under the policy. Every property claim has its own story and circumstances and must be treated on an individual basis in order to reach a fair settlement.

Beacon’s experience with different types of property insurance claims and the intricacies of insurance policies allows us to help both residential and commercial policyholders in hassle free claim settlement. Let us explore the process in brief:

Claim Process

• Notification of loss

1. Immediately notify the company by telephone or telegram as well as in writing, giving indication as to the nature and extent of loss or damage.
2. Preserve the damaged parts/stock and make them available to the surveyor for verification.
3. Take Photographs and Video.

 Documents to Be Submitted under IAR( Industrial All Risk) Policy

• Company Profile
• Eye witness statement
• Occurrence report
• Extent of  damage
• Probable cause
• Lay out of the plant marking the affected area.
• Photographs with date and time , videography in case of major loss.
• In case of theft and burglary, FIR with nearest police station.
• Salvage quotations from at least 3 parties.
• Claim bill
• Claim form
• Fire brigade report in case of fire.
• FIR with nearest police station in case of fire/malicious damage.

Plant and Machinery Claim

• OEM Report with extent of damage, method of repair and cause of damage.
• Estimate of repair/reinstatement.
• After repair/replacement, all the invoices with payment proof.
• Addition/deletion from the date of commencement of policy till date of loss.
• Gross block details right from inception with year wise addition/deletion certified by CA.

Building

• Plan of building.
• Type of construction and no. of floors.
• Floor wise constructed area.
• Estimate of repairs/reinstatement.
• After reinstatement , repairs, bills of repairs /replacement and proof of payment .
• Valuation report if any.
• Gross block details right from inception with year wise addition/deletion certified by CA.

Stock

• Details of stock damaged with quantity and rate .
• Total stock as on date of loss certified by CA.
• Stock register.
• Excise register.
• Vat returns
• Bank statements
• Supporting invoices for raw material cost .
• Conversion cost certified by CA
• Last three years balance sheet

Note: Few requirements vary from surveyor to surveyor.

Right decision at the right time can save your world. Invest in property insurance when you can and live a carefree tomorrow.