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'Time bond' introduced in jewellers claims by Oriental Insurance Co
29 Aug '05
1 min read
Each year insurance companies receive claims, which do not carry full details for processing of the claims by the insuarance company.
This creates backlog of cases, and such cases have piled up, particularly in case of outstanding claims of jewellers.
There were instances where claims worth Rs 30 lakhs had piled up due to lack of information and proper documentation.
Now, The Oriental Insurance Company Ltd. in its 'Jewellers Block Insurance' policy, plans to add a 'time bond' clause allowing a deadline of seven days within which the insurer must provide all necessary documents.
Failing which, the jewellers will stand to lose their claims informed an official of the company.
This implies that the onus to complete the formalities will lie with the policyholder once the clause come into effect.
This creates backlog of cases, and such cases have piled up, particularly in case of outstanding claims of jewellers.
There were instances where claims worth Rs 30 lakhs had piled up due to lack of information and proper documentation.
Now, The Oriental Insurance Company Ltd. in its 'Jewellers Block Insurance' policy, plans to add a 'time bond' clause allowing a deadline of seven days within which the insurer must provide all necessary documents.
Failing which, the jewellers will stand to lose their claims informed an official of the company.
This implies that the onus to complete the formalities will lie with the policyholder once the clause come into effect.
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