Burglary Claim Case Study Presentation - Tania Saulat, Khalid and Associates Pvt Ltd
"Explore a detailed presentation on a burglary claim case study conducted by Tania Saulat, Director at Khalid and Associates Pvt Ltd, insurance surveyors, and loss adjusters. Learn about the legal and policy definitions of burglary, exclusions, warranties, conditions, the case study itself, and the claim management process. Dive into the analysis of physical evidence, including signs of violent and forcible entry, witness statements, and more."
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Presentation Transcript
December 4, 2012 A Presentation On BURGLARY CLAIM A CASE STUDY Tania Saulat - Director Khalid and Associates (Pvt) Ltd. Insurance Surveyors & Loss Adjusters
Overview of Cover - Definition Legal Definition: dishonestly appropriating the property of another with the intention of permanently depriving them of it . Policy Definition: loss or damage by theft / burglary accompanied by actual forcible & violent breaking into or out of the premises . Khalid and Associates (Pvt.) Ltd. 1 Burglary Claim A Case Study
Exclusions, Warranties & Conditions Exclusions Persons legally on premises Un-occupancy Riots , strike etc Market exclusions War, Sonic Bangs, Pollution etc Warranties & Conditions Armed Guard round the clock Intruder Alarms Keys not on premises Police notification condition Khalid and Associates (Pvt.) Ltd. 2 Burglary Claim A Case Study
The Case The Insured are traders of chemical dyes, purchasing locally as well as importing stock. Stocks of dyes in boxes stored at their warehouse premises. Premises Insured - Fire Policy with extensions for AD, SRCC & Burglary. Insured s Premises Burgled. Khalid and Associates (Pvt.) Ltd. 3 Burglary Claim A Case Study
Claim Management Process Information gathering & analysis can be divided into: Physical Evidence Documentary Evidence Khalid and Associates (Pvt.) Ltd. 4 Burglary Claim A Case Study
Physical Evidence Violent & Forcible Entry or Exit Telltale signs of Removal Witness Statements Photographic Evidence Initial notes etc Khalid and Associates (Pvt.) Ltd. 5 Burglary Claim A Case Study
VIOLENT AND FORCIBLE ENTRY EVIDENT Khalid and Associates (Pvt.) Ltd. 6 Burglary Claim A Case Study
WAREHOUSE GATE AND OFFICE DOOR FORCED OPEN Khalid and Associates (Pvt.) Ltd. 7 Burglary Claim A Case Study
REMOVAL OF STOCK EVIDENT Khalid and Associates (Pvt.) Ltd. 8 Burglary Claim A Case Study
Documentary Evidence Essentials for burglary losses: A range of information & documents collected and verified: Claim Form Police Report Computerized Stock Reports Manual Stock Registers Import Documents Issuing Reports Receiving Reports Gate Passes Khalid and Associates (Pvt.) Ltd. 9 Burglary Claim A Case Study
Liability Considerations Insurable Interest Policy Period / Cover Insured Peril Adequacy of Cover / Average Applicable Other Insurances Recovery / Subrogation Compliance with Conditions / Warranties Khalid and Associates (Pvt.) Ltd. 10 Burglary Claim A Case Study
Liability Substantiated, Indemnity Considered The Intention arriving at a level of Indemnity fair to both the Insured & the Insurer. The Actual Process- presents numerous complications and challenges. Khalid and Associates (Pvt.) Ltd. 11 Burglary Claim A Case Study
Quantifying the Claim Stock Register & Other Documents Provided Extensive Physical Verification Conducted Findings Compared to Stock Register: Stock Found Sound Marked (Y) Stock Not Found Marked (X) Findings endorsed by Insured s warehouse In charge. Khalid and Associates (Pvt.) Ltd. 12 Burglary Claim A Case Study
Verification / Reconciliation Claim, Stock Register, Receiving Reports etc received. Sets of documents reconciled in light of Claim. Findings: Quantities in Computerized Stock Report & Manual Register not consistent. The sets of Documents cannot be reconciled/ inconsistencies noted. Shortfalls between Stock not Found (X) & Claim. Khalid and Associates (Pvt.) Ltd. 13 Burglary Claim A Case Study
Cont Insured informed, meetings held Revised claim submitted Records not reconciled, Delays in Updating i.e. inaccurate reflection of quantity lost / indemnity. Evidence needed for detailed analysis of records. Khalid and Associates (Pvt.) Ltd. 14 Burglary Claim A Case Study
Quantities of each item claimed considered in light of documents: Commodity X Manual Stock Register Qty: 23 Physical Qty Found: 15 Claimed Qty: 7 Computerized Stock Report Qty (verified): 16 Qty Therefore Considered: 1 Khalid and Associates (Pvt.) Ltd. 15 Burglary Claim A Case Study
Cont Commodity Y Manual Stock Register Qty: 20 Physical Qty Found: 10 Claimed Qty: 10 Computerized Stock Report Qty (verified): 20 Qty Therefore Considered: 10 Khalid and Associates (Pvt.) Ltd. 16 Burglary Claim A Case Study
Cont 2nd Revised Claim Submitted, Insured Meetings Held Independent Findings Presented to Insurers. Khalid and Associates (Pvt.) Ltd. 17 Burglary Claim A Case Study
Problems Encountered / Lessons Learned Irregular / Inconsistent Records Policy Condition Documents used as basis Negligence in updating records Average / Underinsurance VAR > Sum Insured Gaps in Cover. Not fully Indemnified Premium Inadequate/ Exposure not known Impacts Relations Unnecessary Complications Khalid and Associates (Pvt.) Ltd. 18 Burglary Claim A Case Study
