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J&K Claims: The limit of loss required to be surveyed is enhanced by Insurance Regulator

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The limit of losses needed to be surveyed for claim settlement in flood-hit Jammu & Kashmir has been incresed  to Rs. 50,000 from Rs. 20,000 earlier by  The Insurance Regulatory and Development Authority .

“…the Authority (IRDA) hereby raises the limit of losses required to be surveyed by a licensed surveyor and loss assessor for settlement of claims arising out of recent floods in the state of Jammu & Kashmir from Rs. 20,000 to Rs. 50,000,” said the insurance sector regulator in a communication to heads of general insurance companies and the exemption will be valid for two months.

For avoiding difficulties to policyholders in Jammu & Kashmir, special dispensation is provided to insurers to ensure expeditious settlement of claims.

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