This is a general guideline on claim procedure between the parties to an insurance contract.
- THE INSURED:
Notice of accident/loss/damage:
- In case accident/loss/damage occurs, the Insured is required to give immediate notice of accident/loss/damage to the Insurer and/or to the Authority Body/Police in accordance with laws if any in order to receive necessary assistance and cooperate with the Insurer to carry out the loss survey which is the basis for claim settlement.
- Notification must be in writing.
The Insured is required to take steps to minimize the loss or damage and recover any missing property.
The Insured is required to provide the Insurer with evidence of loss such as extent and cause of loss/damage, supporting documents for claim amount, and other related documents as may be required by the Insurer, etc.
The Insured is required to reserve the Insurer's subrogation right against any third party who caused loss/damage to the Insured's interest.
The Insured cooperates with the Insurer in considering and choosing a suitable solution/repairer/supplier with the reasonable price for repairing/reinstating the loss/damage.
- THE INSURER:
Upon receipt of loss notice from the Insured, the Insurer will conduct a loss survey within reasonable period of time if any. The Insurer will give the Insured further detailed advice if any on case by case basis. The Insurer will consider and settle the Insured's claim if the loss/damage is covered by the insurance contract and fully supported.
- CLAIM DOCUMENTATION REQUIRED:
A completed set of claim file normally consists of the following:
- Notice of Claim by the claimant to BVTM.
- List of insured properties.
- Claim note/letter by the claimant including a completed claim form
- Documentation of the insured subject matter including insurance certificate/policy:
- Machinery/equipment: specification, warranty, operation guidance, operation logbook, catalogue, drawing, purchase invoice/bill, etc.
- Building: specification of construction, drawing, etc.
- Contents: specification, purchase invoice/bill, inventory list, before and after the incident, etc.
- Motor: registration card, periodical inspection certificate for technical safety, driving licence, insurance certificate
- Personal accident: driving licence, salary slip, etc.
- Marine cargo: B/L, invoice, packing list, COR(cargo outturn report), ROROC (report on receipt of cargo), ship documents, etc.
- Documentation of the accident:
- Internal investigation report by the Insured on the incident including extent and cause of loss/damage and counter measures, etc.
- Police report
- Damage inspection report by specialist/repairer/supplier.
- Supporting documents for claim amount: quotations, invoices, bills, purchase order, job order, part request and delivery slip, part destroyed slip, etc.
- Survey report
- Other documents as may be required.
- CLAIM PAYMENT:
After receiving claim documents from the Insured, the Insurer will verify and inform the Insured of whether claim documents submitted are legally sufficient or not;
+ If not, asking the Insured to supplement the further required one
+ If yes, the Insurer will send the Insured a notice of claim settlement;
- After receiving the confirmation by the Insured on the payable claim amount and all the premium due to the Insurer is received by the Insurer, the Insurer will make payment for claim.
- Claim settlement will be based on the insurance contract between the Insured and the Insurer and in accordance with related laws in effect.
- NOTICE OF LOSS DURING HOLIDAYS OR WEEKEND:
In case of emergency, accident happens on the date-off of the Insurer, the Insured can contact with our claim notification contact