Surveyors

Insurance Surveyors in India

An Insurance Surveyor and Loss Assessor is an insurance-related service provider primarily associated with the Insurers/Reinsurers. At the time of insurance maturity, if insurance claims go beyond the defined limit of the said insurance policy. The Insurer appoints and sends an Insurance Surveyor to determine the reported damage and check the legitimacy of the made claims.

An Insurance Surveyor assesses whether the insurance claim is legitimate or not. In India, the Insurance Regulatory and Development Authority of India (IRDAI) requires you to obtain an Insurance Surveyor license to act as a Surveyor and Loss Assessor.

Types of Insurance Surveyors

The Insurance Surveyor registration is the authorization given by the IRDAI to individuals and corporate entities. Hence, we can classify Surveyors into two types of registration:

• Individual Surveyors: Given on an individual basis
• Corporate surveyors: Issued to business entities

Loss Assessment

No person or Company can act as a licensed Surveyor and Loss Assessor without getting a required license per the IRDAI regulations. Surveyors are appointed by Insurers or Insured to assess the loss as per the Insurance Policy in respect of the following:

•  Motor Insurance: more than fifty thousand rupees
•  Other Insurances: More than one lakh rupees.

The limit mentioned above is reviewed every three years by the IRDAI.