Motor Insurance is a fascinating branch of Insurance had its beginnings in the U.K. in the early part of this century. The first motor car was introduced into England in 1894. The first motor policy was introduced in 1895 to cover third party liabilities. By 1899 accidental damage to the car was added to the policy. By 1901 burglary theft and fire risks were added to the policy, thus introducing the comprehensive policy along the lines of the policy issued today.
Presently the Life and General Insurance business in India is governed by Insurance Regulatory and Development Authority under Finance Department of Central Government of India.
MOTOR INSURANCE SURVEYOR:
When a claim arises under the Motor Insurance Policy it is the duty of the Insurers to settle the claim in a fair and reasonable manner. For this they need a technical report from a specialist professionals having technical expertise in automobile field.
As per section 64UM of the Insurance Act 1938, any claim in respect of a loss requiring to be paid or settled in India on a policy of Insurance shall not be admitted for payment or settled by the Insurer unless he has obtained a report from an approved licensed surveyor or loss assessor.
In Motor Insurance independent automobile surveyors are assigned the task of assessing the cause and extent of loss. They are supplied with a copy of the policy, the claim form and the repairers estimate. They inspect the damaged vehicle, discuss the cost of repair or replacement with the repairer and submit their survey report.
Motor Insurance Surveyor plays a crucial role in bringing about fair and prompt settlement of motor claims. He has to be objective and independent in his assessment of damage to the vehicle. He has to assess the damage keeping in view of the terms and conditions of Insurance policy. He must appreciate that unless he submits his report to the Insurance Company expeditiously, the Insurance Company cannot settle the claim.