Frequently Asked Questions
Q : Our market's perception is, that it is difficult to file claims and get compensation from insurance companies.
A : Insurance is basically an agreement in which the rights and liabilities of the Policyholder and the Insurer are clearly set. The Insured has the right to file claims for the loss incurred, while at the same time has the obligation to follow the claims procedure set by the Insurer.
Q : What are the procedures?
A : Those procedures include actions to be done or documents to be submitted by the Insured; for example, in the case of filing claims for fire insurance, the Insured has to:
1. Report immediately to the Insurer
2. Minimize the loss, such as covering the damaged roof temporarily to prevent the contents from getting wet when it rains.
3. Submit the required documents, such as Notice Letter from the police or the local authority.
Q : Are those procedures also applicable in other insurance?
A : Though they are not entirely the same, there are several procedures which are generally applicable, such as the necessity to report immediately to the Insurer and to take actions to minimize loss.
Besides the above general procedures, each type of insurance has specific procedures, such as the Police Report which is a must in the Burglary Insurance, since it is a criminal act.
Q : After completing all claims procedures, is there anything else the Insured must do?
A : If the Insured has completed all claims procedures, i.e. submitting all required documents, the Insurer will soon notify whether or not the claims are covered. If the loss or damage is covered, the notification shall be informed to the Insured alongwith a proposal of claims payment.
