Claim Servicing

Claims Servicing at KMD

• Start to End Claims Management
• Assurance of an Experienced & Reliable team comprising of Engineers and from domain background
• Claim support presence in all major cities including Dedicated SPOC for Corporate clients
• Implant at Client’s Site, if required
• Value Add :
  – Identification of correct and applicable Clauses / Covers
  – Arranging for SLA with Insurers
  – Identifying technical yet supportive Surveyors for nomination on SLA
  – Preparation of Claims Manual for specific operative needs of client
  – Accurate and timely claims MIS
  – Dossiers for Act of God peril situations
  – Assistance in loss minimization techniques
  – Assistance for legal / quasi legal claims

Process

• Occurance of Loss
• Prepration of Documents
• Assessment of Loss
• Claim Settlement

Immidiate Intimation to KMD

KMD Examines The Coverage of Policy/IES

KMD Guides on Immediate Steps, Do’s and Don’t’s

KMD Intimates Claim to Insurer

KMD Arranges Appointment of Nominated Surveyor

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Principles

Assessment Principles
The Net Loss Adjusted is worked out by deducting the following from Gross Loss assessed:

(i) Depreciation :
Age of the Property is examined based on original purchase invoices or the Fixed Asset Register for Gross Block of Capitalization to arrive at a suitable Depreciation value for use (for market value settlement basis).

(ii) Salvage :
Intrinsic value of the damaged property for Salvaging in order to minimize loss as per guidelines laid down by the Authority. Salvage proceeds shall be paid to the Insured.

(iii) Under Insurance :
Value of Property at the time of loss is found to be more than the Sum Insured. If found under-insured, the Insured would be deemed as being his own insurer for the difference and the loss shall be adjusted on proportional basis.

(iv) Enhancements :
Factoring for any enhancement or improvements in the new reinstated property.

(v) Policy Deductible :
Compulsory Policy Deductible (also referred to as Excess) as defined in the Policy.