In the context of a cargo insurance company, a surveyor's scope for loss assessment encompasses a wide range of activities to evaluate and document the extent of damage or loss, determine the cause, and assist in processing claims. Here are the detailed responsibilities::
1. Initial Response
Notification and Coordination
Claim Notification including bills of lading, cargo manifests,
and Material Safety Data Sheets (MSDS)Receive and acknowledge notification of loss or damage from the insured party.
Coordination: Coordinate with all relevant parties, including the insured, shipping company, and any third-party service providers.
Preliminary Assessment
Preliminary Report: : Gather initial information regarding the incident, including location, time, nature of the cargo, and circumstances of the loss or damage.
Immediate Action: Advise on any immediate actions required to mitigate further loss or damage, such as securing the cargo or stopping further transit.
2. On-Site Inspection
Physical Inspection
Damage Assessment Conduct a thorough physical inspection of the cargo to assess the nature and extent of the damage or loss.
Photographic Evidence: Take detailed photographs and videos of the damaged cargo, packaging, and any other relevant aspects.
Documentation Review
Shipping Documents: Review all relevant shipping documents, including bills of lading, packing lists, and delivery receipts.
Correspondence: : Examine any correspondence related to the shipment, including emails and letters, to understand the context and timeline of the incident.
3. Cause and Liability Analysis
Investigation
Incident Investigation: Investigate the circumstances leading to the loss or damage, including interviews with relevant personnel and examination of the shipping route and conditions.
Root Cause Analysis: Determine the root cause of the loss or damage, considering factors such as improper handling, inadequate packaging, weather conditions, or accidents during transit.
Liability Determination
Contractual Obligations:
• Contractual Obligations: Review the terms and conditions of the insurance policy, shipping contract, and any other relevant agreements to assess liability.
Third-Party Involvement: : Determine if any third parties (e.g., shipping company, port authority) are liable for the damage or loss.
4.Quantification of Loss
Valuation
Market Value Assess the market value of the damaged or lost cargo at the time of the incident.
Repair and Replacement Costs: Estimate the cost of repairs or replacement, considering factors such as depreciation and salvage value.
Documentation
Loss Adjustment: Prepare detailed loss adjustment reports, including calculations of the total loss amount and justifications for each component of the claim.
Supporting Evidence: Compile all supporting evidence, including inspection reports, photographs, invoices, and expert opinions.
5. Reporting
Detailed Report
Comprehensive Report: Prepare a comprehensive report detailing the findings of the inspection, cause analysis, and loss quantification.
Recommendations: Provide recommendations regarding the claim, including the extent of coverage and any potential subrogation actions.
6.Claim Processing and Settlement
Communication
Communication with Insured: Maintain clear and ongoing communication with the insured, providing updates and explaining the findings and decisions.
Negotiations: Assist in negotiations between the insurer and the insured or third parties to reach an amicable settlement.
Final Settlement
Settlement Agreement: Facilitate the final settlement process, ensuring that all necessary documentation is completed and the agreed compensation is disbursed.
Follow-Up: Conduct follow-up actions to ensure that any corrective measures are implemented to prevent recurrence.
7. Post-Incident Review
Lessons Learned
Incident Review: : Conduct a post-incident review to identify any lessons learned and areas for improvement in risk management practices.
Feedback Loop: Provide feedback to underwriters and risk managers to improve future risk assessments and policy conditions.
8.Regulatory and Compliance
Compliance Check
Regulatory Requirements: Ensure that all assessments and reports comply with relevant legal and regulatory requirements.
Standard Practices: Adhere to industry-standard practices and ethical guidelines in conducting loss assessments and reporting.
By performing these responsibilities, surveyors help cargo insurance companies accurately assess and process claims, ensuring fair compensation for the insured and maintaining the integrity of the insurance process.
