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BIMA SEVA KENDRA
Bima Seva Kendra

Disasters of insurance: claims and catastrophes

Do you know where security meets uncertainty? While it is intended to act as a financial safety net, providing security in the face of unforeseen disasters. The process of settling a claim can be complicated, particularly when it comes to losses resulting from catastrophic catastrophes and claim rejection is a difficult pill to swallow, especially following a natural disaster. Insurance policies, while designed to provide coverage, can have complex terms and conditions. Understanding when one qualifies to file an insurance claim following a natural disaster is critical. Under the Indian law, mishaps, calamities or grave occurrences, both natural and man-made, are considered a disaster. - “disaster” means a catastrophe, mishap, calamity or grave occurrence in any area, arising from natural or man made causes, or by accident or negligence which results in substantial loss of life or human suffering or damage to, and destruction of, property, or damage to, or degradation of, environment, and is of such a nature or magnitude as to be beyond the coping capacity of the community of the affected area; - THE DISASTER MANAGEMENT ACT, 2005

Things to keep in mind-

● The devil lies in the details - Most insurance policies cover damages caused by natural disasters like earthquakes, floods, hurricanes etc. policies may differ in terms of coverage.

● If the policyholder was aware of potential risks and preventive measures were neglected, it may lead to insurance claim-related issues.

● Some policies may exclude coverage for specific natural disasters and uninsurable risks. Beware of these exclusions. Review insurance policies to ensure that they encompass the natural disasters relevant to specific geographical locations.

How does one claim insurance post a disaster? Here's a nuanced look at the process:

1. Prompt Reporting: Immediate reporting of damages is critical. Delays can lead to complications, and in some cases, claim rejection if not reported within the stipulated time frame.

2. Documenting Losses: Thorough documentation of losses is essential, including photographs, receipts, and any other evidence that substantiates the extent of the damage. Without proper documentation, the chances of claim rejection increase.

3. Professional Assessment: Insurance companies may dispatch assessors to determine the scope of the damage. Cooperation is essential throughout this step for a smooth claims process. Open communication with the insurance company is essential. Inform them of the problem, offer the required papers, and keep them updated throughout the process. Transparency, timely updates, and a collaborative spirit elevate the chances of a successful claim.

Potential Pitfalls:

1. Incomplete Information: Providing incomplete or inaccurate information can lead to claim rejection. Double-check all details before submitting your claim.

2. Missing Deadlines: Adhering to reporting deadlines mentioned in the policy is non-negotiable.

3. Policy Exclusions: your selected policy may or may not cover losses caused by natural disasters, understand the policy exclusions to avoid insurance claim-related issues In the aftermath of a natural disaster, the last thing anyone wants is the added burden of a claim rejection. Let insurance be a reliable ally, not a source of added distress. And if things feel too overwhelming, let us take something off your plate. In times of distress, Bima Seva Kendra will be there for you to lean on.


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