Assessing Loss to a Property and Claims Adjustment Process

Assessing Loss to a Property and Claims Adjustment Process
Case Code: INS008
Case Length: 03 Pages
Period: 2003
Pub Date: 2003
Teaching Note: Available
Price: Rs.100
Organization: Varied
Industry: Insurance
Countries: India
Themes: -
Assessing Loss to a Property and Claims Adjustment Process
Abstract Case Intro

Caselet 01

Henry Frodo and his family planned to spend their holidays in Visakhapatnam. But due to a slight vision problem, he requested his neighbor Sunny to accompany him and his family, and assist him in driving the car. Sunny, who was pursuing his graduation, had summer vacation. He was a very rash driver. The route to Visakhapatnam, the National Highway 5, was a very busy road. Frodo's car was also not in a good condition. The bumpers were already loose and the front glass was damaged. The rear view mirror too was broken. The car was insured with the Minerva Auto Insurance company...

Caselet 02

Anand Nihar, the owner of Nihar Transport Limited was talking about insuring the company's vehicles, with his manager Ramgopal Badri.

"Most of the leading private insurance companies like Bajaj-Allianz General Insurance, Tata-AIG General Insurance and Iffco-Tokio Marine General Insurance are discouraging their offices from writing motor insurance policies on models like Qualis, Lancer, Palio, Indica and Sumo, because they are considered to give high loss-claim ratios," said Nihar. Badri said, "Though most of the vehicles are registered with the RTO for individual use, they are used illegally for taxi purpose. And private taxis experience greater wear and tear. Moreover in cases where the cost of replacement of parts is high, some insurance companies are either unwilling to insure such vehicles, or incorporating high deductibles in their policies. Incorporation of high deductible is going to adversely affect our bottomline."...

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