IRDA Regulations for Surveyors Require Review
A.W.J. (Tony) Fernandez
This article highlights the challenges posed to Indian Licenced Insurance Surveyors appointed by
Indian Hull & Machinery (H&M) Insurers for claims reported under H&M Polices, and Policy
Holders, due to the dichotomy between the law and practice referred to in H&M Policies of
Insurance and the Regulation of the Insurance Regulatory Development Authority (IRDA) with specific reference to the Duties and Responsibilities of Licenced Surveyors.Policies of H&M
Insurance issued in India by Indian Insurers, are invariably on “Institute” wordings, whether relating to Builders' Risk Clauses, Time Clauses, Voyage Clauses, Port Risks Clauses, Fishing
Vessel Clauses or Yacht Clauses. All “Institute” Clause have a Law and Practice Clause which states, Although the principles of insurance are common to both Marine and Non-marine Insurances, their interpretation as well as the practices of these two classes of insurance businessesare glaringly different. Such differences relate not only to underwriting practices but also to claims processing.
Under English Law and Practice, the role and function of Surveyors appointed by Insurers for
Marine Hull Claims are different from that of Surveyors appointed by Insurers for Non-marine
Claims. In English Insurance Practice, the nomenclature of “Loss Assessor” is different from that of “Loss Adjuster”, the former being appointed by the Assured while the latter is appointed by the
Non-marine Insurer for Claims. Similarly, under English Law the Shipowner Assured has the prerogative of appointing an “Average Adjuster” while the H&M Insurer reserves the right to appoint a Surveyor to report on the nature and extent of damages and agree or disagree with the allegation of the cause of the loss / damage made by theAssured.
“This Policy is subject to English Law and Practice”.
IRDA Regulations for
Surveyors Need Review
Professor
Consulting Average Adjuster &
Risk Management Consultant
E-mail:
This article highlights the challenges posed to Indian Licenced Insurance Surveyors appointed by
Indian Hull & Machinery (H&M) Insurers for claims reported under H&M Polices, and Policy
Holders, due to the dichotomy between the law and practice referred to in H&M Policies of
Insurance and the Regulation of the Insurance Regulatory Development Authority (IRDA) with specific reference to the Duties and Responsibilities of Licenced Surveyors.Policies of H&M
Insurance issued in India by Indian Insurers, are invariably on “Institute” wordings, whether relating to Builders' Risk Clauses, Time Clauses, Voyage Clauses, Port Risks Clauses, Fishing
Vessel Clauses or Yacht Clauses. All “Institute” Clause have a Law and Practice Clause which states, Although the principles of insurance are common to both Marine and Non-marine Insurances, their interpretation as well as the practices of these two classes of insurance businessesare glaringly different. Such differences relate not only to underwriting practices but also to claims processing.
Under English Law and Practice, the role and function of Surveyors appointed by Insurers for
Marine Hull Claims are different from that of Surveyors appointed by Insurers for Non-marine
Claims. In English Insurance Practice, the nomenclature of “Loss Assessor” is different from that of “Loss Adjuster”, the former being appointed by the Assured while the latter is appointed by the
Non-marine Insurer for Claims. Similarly, under English Law the Shipowner Assured has the prerogative of appointing an “Average Adjuster” while the H&M Insurer reserves the right to appoint a Surveyor to report on the nature and extent of damages and agree or disagree with the allegation of the cause of the loss / damage made by theAssured.
“This Policy is subject to English Law and Practice”.
IRDA Regulations for
Surveyors Need Review
Professor
Consulting Average Adjuster &
Risk Management Consultant
E-mail: