CLAIM FORM
When the insured incurs a capital loss, he is entitled to
claim compensation from the insurance company. A claim form must be filled when
the insured is claiming compensation. This form facilitates accurate
compensation from the insurance company.
PROCEDURE IN MAKING A CLAIM
For a claim in an insurance policy to be valid, the
insured must follow certain procedures.
Failure to observe the instructions set down by the
insurance company will prejudice the claim. Below is an example of a typical
procedure for a marine insurance claim in the event of loss or damage to cargo.
The principles involved are essentially the same for other types of policy as
well.
1.
The insured must inspect the goods before taking delivery if the loss or damage
is apparent, or as soon as the loss or damage is discovered.
2. The insured must then inform the insurer immediately,
and request for a survey of the goods by the underwriter's agents or the
surveyors named in the policy or insurance certificate. It is important that
the condition of the goods and its packing must not be tampered with until the
surveyor arrives. However, the insured may take steps to ensure that there is
no further damage to the goods.
Note: In the case of a claim under other types of
policies, say, motor, the insured must inform the insurance company immediately
of the event of the loss. He must also make a report to the police within 24
hours after the accident. The police will make an independent report after its
investigation as to the probable cause of the event. The vehicle will have to
be towed to a workshop approved by the insurance company.
3.
The insured must also request ship-owners, other carriers, forwarding agents,
Customs, the Port Authority and other bailees to be present for a joint survey.
It is their responsibility to certify any loss or damage to preserve the insurance
companies' rights against third parties. If the latter is found to be guilty of
negligence, the insurance company can then sue them for damage or loss
incurred.
4. Notice of the loss or damage must be made in
writing to the bailees within the time limit prescribed.
5. Together with his claim form, the insured must submit
certain documents to substantiate his claim:
(a) to prove
insurance - original copy of the policy or certificate of insurance (b) to
prove ownership
(i) bill of lading (for cargo)
(ii) vehicle ownership card
(for motor) (iii) charter party
(c) to prove value
(i) invoices
(ii) packing lists
(d) to prove loss/damage
(i) survey report
(ii) landing/general survey
report
(iii) sales receipt
(e) to enable the insurance
company to make claims on third parties
(i) the police report
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