Fire insurance is covered under property insurance as it is generally sought by those who own a property for example residential premises, industrial premises, commercial occupancies, storages and warehouses etc. Fire can happen at almost every kind of occupancy and has the potential to cause damage to the property. To protect against such losses insurance is taken for fire. Here’s how the fire insurance process flows: -
Sales Manager: - Every company has its sales people divided into different sub-departments that get in touch with the clients to explain the policy covers and provide them the required service during the policyperiod. They seek the help of agents and brokers also in this process.
Underwriter: - When the client shows interest in the policy, the sales person asks the value i.e. the sum insured that the client is willing to insure against fire and additional perils so that he may approach the underwriting department to get the premium amount that the insurance company would charge as fees for insurance.
Risk Management Representative: - There are certain occupancies that the insurance companies are concerned aboutwhile underwriting for example the high fire hazard occupancies, frequent claims, high sum insured etc. In such cases the underwriter asks the risk management person who is generally an engineer to visit the premises and assess the risk exposure.
Underwriter: - Risk manager or engineer prepares a report based on the risk inspection and submits it to the underwriter who then based on the report decides whether to quote or not and if quote then what additional conditions and amount that the insured is required to pay for getting the risk insured.
Operations: - Once the conditions are agreed between the insurance company and the client the conditions are bound into a policy document which is performed by the operations department.
Claims: - If there are any claims raised against the policy then the client informs the sales person, broker, agent or the insurance company call centre where the service and formalities regarding the claim request are further processed.