Definition
Surveyor and Loss Assessor
A surveyor and loss assessor is an IRDAI-licensed professional who inspects and quantifies losses in general insurance claims above a threshold.
For property, motor and other general insurance claims beyond a prescribed amount, the insurer appoints an independent surveyor to inspect the damage, assess the cause and extent of loss, check policy coverage and recommend the payable amount in a survey report.
The surveyor's report is a key input to claim settlement, helping prevent both under- and over-payment. Surveyors are regulated by IRDAI and must hold the relevant licence and qualifications. Their independent assessment underpins fair indemnity in large general-insurance claims.
Related terms
- Indemnity PrincipleThe principle of indemnity ensures an insured is restored to their pre-loss financial position but cannot profit from a claim, applying to general insurance.
- Total LossTotal loss in motor insurance is when a vehicle is stolen or damaged beyond economical repair, triggering settlement at the Insured Declared Value.
Plain-English explainer from The Dispatch Investors Encyclopedia. General information, not financial advice.