IRDAI Surveyor Miscellaneous (S-07) cheat sheet

Surveyor licensing under IRDAI (Insurance Surveyors and Loss Assessors) Regulations, 2015: a licence is granted in the category applied for (Fire, Marine Cargo, Marine Hull, Motor, Engineering, Crop, Miscellaneous, Life, Health) and is valid for three years; renewal application must be filed at least 30 days before expiry.

Eligibility for a surveyor licence: minimum age 18, passed 12th standard or equivalent (higher qualification required for some categories), and successful completion of the IRDAI-recognised surveyor training and the IRDAI-conducted examination for the relevant category.

Licence categories are not interchangeable: a surveyor may assess a loss only in the category (and sub-category, where specified) endorsed on the licence; a miscellaneous-category licence does not authorise motor or marine hull surveys.

Continuing professional development: a licensed surveyor must complete the minimum training hours prescribed by IRDAI each licence period and maintain records, which are examined at renewal.

Code of conduct duties: independence and impartiality, no acceptance of any remuneration from the insured or repairer, confidentiality of claim information, and disclosure of any conflict of interest to the insurer before accepting the assignment.

Appointment of surveyor: for claims above the threshold fixed by IRDAI, the insurer must appoint a licensed surveyor; the surveyor's report is a mandatory input to claim settlement, but the final settlement decision and quantum rest with the insurer.

Survey report timelines: the surveyor must submit the report within the period stipulated by the insurer/regulations (commonly 30 days from appointment or from receipt of last document), and must record reasons in writing where an extension is required.

Professional indemnity: a licensed surveyor is required to maintain professional indemnity cover of the prescribed limit to protect against negligence claims arising from survey work.

Records and fees: fees are regulated by the schedule prescribed under the surveyor regulations, and the surveyor must retain claim files, notes, photographs and calculations for the period required for inspection by IRDAI or the insurer.

Miscellaneous category covers typically include public liability, product liability, professional indemnity, fidelity guarantee, money insurance, burglary, personal accident, employer's liability, cyber liability, engineering-related miscellaneous covers and crop insurance.

Public liability policy (under the Public Liability Insurance Act, 1991): compulsory for handling hazardous substances; the policy responds to third-party bodily injury, death and property damage arising from an accident at the insured's premises, with limits per accident and per policy period.

Product liability: responds to third-party claims for injury or damage caused by a defective product after it leaves the insured's control; key underwriting inputs are turnover, product recall exposure, export territories and quality-control systems.

Fidelity guarantee: indemnifies the insured for loss of money or property due to fraudulent or dishonest acts of employees; cover is normally on a named or unnamed (floating) basis, with a retroactive/continuity date and a discovery-period clause.

Money insurance: covers money in transit and in safe; limits are set per transit, per safe and in total, and the insurer typically requires declaration of cash-holding limits and adherence to prescribed security arrangements.

Burglary insurance: covers loss of property by theft following forcible and violent entry or exit; the surveyor must verify signs of forcible entry, police complaint/FIR, stock records and whether the loss falls within the insured's declared limits.

Personal accident policy: pays a capital sum for death and total permanent disablement and a percentage for specified partial disabilities, with weekly compensation for temporary total disablement; occupational and non-occupational covers carry different premium rates.

Cyber liability: responds to data breach, privacy liability, network interruption, ransomware and regulatory defence costs; underwriting focuses on IT security controls, data volume, business interruption dependency and third-party contractual liability.

Crop insurance (PMFBY): indemnifies yield loss due to notified perils; assessment uses crop-cutting experiments and yield data, with claims settled on the basis of the notified area approach and the sum insured linked to the scale of finance.

First steps on appointment: verify the policy schedule, endorsements, premium payment status and the cause of loss; confirm the loss falls within the policy period and the insured peril.

Document collection: obtain the claim form, FIR/police report where applicable, invoices, stock registers, purchase/sale records, bank statements, repair estimates, photographs and any statutory reports (fire brigade, factory inspector, pollution board).

Assessment of loss follows the policy basis: for property claims, depreciated/reinstatement value as applicable, less salvage, less deductible/excess, and subject to the sum insured and average (underinsurance) clause.

Average clause: if the sum insured is less than the value at risk, the claim is reduced in the proportion sum insured / value at risk; the surveyor must establish the value at risk at the date of loss.

Salvage: damaged property retains value; the surveyor must quantify salvage and either deduct it from the loss or record its disposal with the insurer's consent.

Third-party liability assessment: establish legal liability, verify the claimant's evidence of injury/damage, check the policy limit per accident and aggregate, and consider contributory negligence and any statutory compensation schedule.

Fidelity/money claims: verify the modus operandi, internal controls, employee records, reconciliation of accounts and whether the discovery was within the policy period and discovery period.

Report contents: policy details, cause and date of loss, admissibility, quantum computation with workings, deductions, salvage, liability limits, documents relied on, and a clear recommendation on the amount payable; the report must be signed and dated by the licensed surveyor.