Question

Discuss the procedure of establishing a claim and its settlement in fire insurance.

Answer 1

1. The insured must give a notice of loss to the insurance company immediately after the fire.
2. In cases of arson (a deliberate act of setting fire by someone), the insured must attach a copy of the First Information Report (FIR) issued by the police.
3. On receipt of the notice, the insurance company will send a printed claim form. The insured must duly fill in the form and submit it to the insurance company, along with evidence of the loss.
4. The insurance company will send its surveyor to assess the amount of the loss.
5. On the basis of the surveyor's report, payment of the claim will be made.