Section 64UM of IA : Section 64Um: Surveyors And Loss Assessors

Explanation using Example

Imagine you have a car insurance policy and unfortunately, you get into an accident that causes significant damage to your vehicle. You file a claim with your insurance company for the damage. According to Section 64UM of the Insurance Act, 1938:

• The insurance company is required to appoint a surveyor or loss assessor who meets the specified academic qualifications and is a member of a professional body, such as the Indian Institute of Insurance Surveyors and Loss Assessors, to assess the damage to your car.
• The surveyor must adhere to a professional code of conduct while assessing the damage.
• If the claim amount is substantial, the insurance company cannot settle the claim without obtaining a report from an approved surveyor or loss assessor.
• The insurer may also seek an independent report from another approved surveyor if needed, and must follow any directions given by the regulatory authority regarding the settlement of the claim.

In this scenario, the surveyor's report will determine the amount of compensation you'll receive for the damage to your car based on the terms of your insurance policy.