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Frequent Contributor
maheshkulkarni
Posts: 88
Registered: ‎02-08-2016

Higher claim amount in case of higher value policy?

Do you recieve higher claim amount in case you have bought a high value policy?

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Regular Contributor
Arti
Posts: 199
Registered: ‎30-08-2021
Solution

Re: Higher claim amount in case of higher value policy?

Dear Sir/ Madam , 

 

The insured does not recieve higher claim amount in case you have bought a high value policy, the claim settlement amount depends on survey report and the submitted claim documents 

 

Please note that we are just providing explanation / clarity as per the scope of the policy but in no way providing confirming the claim admissibility. The final claim admissibility will depend on medical documents received at the time claim and as per the policy terms and conditions.”

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Frequent Contributor
shef
Posts: 88
Registered: ‎31-03-2016

Re: Higher claim amount in case of higher value policy?

No. When you apply for a fire insurance policy, the current market value of the property or the Reinstatement value of the property, depending upon the basis of the Sum Insured, should be accurately calculated for arriving at the correct amount to be insured. The compensation payable when a covered loss or damage occurs shall be based on whether or not the property has been insured adequately. If the amount insured is excessive, it will mean overpayment of unnecessary premium; if the amount insured is inadequate you will receive amounts in proportion to the market value only.

Regular Contributor
Arti
Posts: 199
Registered: ‎30-08-2021
Solution

Re: Higher claim amount in case of higher value policy?

Dear Sir/ Madam , 

 

The insured does not recieve higher claim amount in case you have bought a high value policy, the claim settlement amount depends on survey report and the submitted claim documents 

 

Please note that we are just providing explanation / clarity as per the scope of the policy but in no way providing confirming the claim admissibility. The final claim admissibility will depend on medical documents received at the time claim and as per the policy terms and conditions.”