REGARDING THE FIRE CLAIM OF FFF, ELECTRONIC EQUIPMENTS.

[BV Kumara Swamy]

The FFF & Electronic equipments in the bank premises was fully burnt
due to short circuit. The fire policy was issued with all branches for
sum insured Rs.332.00 crores. The bank is having 600 branchs on all
india. There is no policy schedule of each branch of sum insured of
FFF & electronic equipment. The loss in the bank is around Rs.14 lakhs
before depreciation, under insurance, etc., Members are request to
guide me how to arrive the adequacy of sum insured in this claim.

[Er.Balvinder Singh]

Dear Swamy,

Kindly check the fixed asset of consolidated value of all branches and compare with sum insured of fixed asset.

The under insurance value will come out.

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[Piyush Siinghal]

Check the Depreciated values as per the Balance sheet of the bank, compare the same with the sum insured. Find out the underinsurance factor. Additionally check the book value of the assets at the branch. Take individual value of items from this asset value schedule and on final sum apply UI factor. I have many cases in this manner, it is the only and the best way which satisfies both (UW and Insd). 

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Piyush Siinghal
0-9811047785
psingh...@yahoo.com
www.salvagemanagers.com

[Sandeep Mashru]

Dear Mr. Swami,

You had confirmed of no schedule of 600 branches.

Normally every such policy do have schedules with location/ Branch code defined and breakup sum insured under head FFF, Equipments, Building etc.

If sum insured breakup is not available ask Insured to provide the basis taken by them while arriving at Sum Insured at Rs.332 Crores as they definitely has some working taking in to account Assets schedule.

Also ask the Insurer for the approach to be considered & understanding they had with the Insured on this aspect as not many Insured are keen in providing this data or even don’t like asking it.

Valuation working is very difficult as Gross block /Capitalization value will be over the period at various location and additions & deletions thereafter, hence no sense in going in to depth. As rightly mentioned by Mr. Piyush take WDV and compare with sum insured and don’t forget to mention of only possible approach in report.

Regards,

Sandeep Mashru

Nagpur

[CK]

Dear Mr swami

Each Branch maintains her accounts as an independent identity and has
the records of assets. Valuate these assets as on date of loss.
Similarly Bank as whole also maintains overall balance sheet, which
shall give you the value of overall assets of the bank. Now work out a
ratio of the Branch assets as compared to overall assets of the bank.
Apply the same ratio to sum Insured and this shall give you the
applicable sum insured of the branch. Apply average (if any) with this
value of insurance of the branch. In brief

(Value of assets of branch as on date of loss/value of overall assets
of the bank) X Sum Insurance = Sum Insured for the branch.

This is how it is prescribed for undeclared values of Insurance.
Others views are welcome.

C K BHATIA

[javed malik]

At the time of making proposal for insurance the proposer (Bank) had furnished detail of articles with value for each and every branch to the Insurance company and on the same basis the Insurance company worked out the total sum insured to be incorporated in the policy. So obtain that list from the claimant/insured and check the adequacy of sum insured under that particular branch where loss occurred. 

Other ways have also been told by brother surveyors which may be followed.

You may also work out the value at risk and leave the matter of adequacy to the Insurers who have issued such a defective insurance policy which does not contain the schedule of breakup.

Thanks

QAYYUM

PAKISTAN

[Jagdish Chandra Sharma]

my answer as follows ---ask banks to provide books of Ac's. you will find branch wise details in it . if not so,then you may ask details of  sum insured of particular branch item wise and apply dep. and under insurance according.or you may ask bills of capital items if it is available. for adequqcy of suminsured you may ask books of a/c's of particular branch from the bank and see when the FFF AND EE was purchased.and applied dep.

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From: BV Kumara Swamy <bvk...@gmail.com>
To: Insurance Adjusters <insurance...@googlegroups.com>
Sent: Saturday, 9 June 2012 6:43 PM
Subject: [Adjusters:12384] REGARDING THE FIRE CLAIM OF FFF, ELECTRONIC EQUIPMENTS.

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[BV Kumara Swamy]

I Thank u very much for valuable guidance in this claim from my senior
collegues. I will follow your valuable guideance & release my survey
report.

On Jun 12, 3:17 pm, Jagdish Chandra Sharma <jcsharma...@yahoo.co.in>
wrote:

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[anil khubchandani]

We have observed that normally the banks take their insurance on book
value basis as per current date. This creates a lot of problem while
applying average clause. Book values for many items becomes zero as
per their asset register and the items as such are not insured at all.
Be extremely careful therefore while assessing the losses for Banks.

anil khubchandani
Bhopal (09826075885)

> > >For more options, visit this group athttp://groups.google.com/group/insurance-adjusters?hl=en-GB.-Hide quoted text -