Fire and Consequential Loss Insurance - IC 57 Exam Study Notes

One of the most important functions of survey is to determine the value of property covered by insurance and the amount of loss that it has suffered. This value is estimated and fixed, when the property is in evidence, by inspection and examination.
There is no standardised final survey report form and each surveyor uses his own format for submitting report. However, the final survey report generally consists of the following items of information: Name of the insured, Address of the insured, Name of the bank, Interest of a financial institution or other mortgagee.
In simple claims, the surveyors would mention here the amount of loss originally claimed by the insured and the amount now recommended after discussion and negotiation with the insured.
In complex claims, where extensive damage is involved to buildings, machinery, etc. the section would provide detailed information.
On intimation of any loss where a surveyor has to be appointed for assessing a loss / claim, it shall be so done within 72 hours of the receipt of intimation from the insured.

Important Points for IC 57 - Fire and Consequential Loss Insurance Exam