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.