Insurance Loss Assessment

Insurance loss assessment is the process by which the prospective preconditions for the loss of certain property are covered. It is drafted after investigating accidental incidents that predicts the probability of further such loss or incident. Thus it is a very difficult process and should be undertaken by experienced insurance consultants who know the likely problems to arise.

Sample Insurance Loss Assessment

Name of the consultancy firm: Garrett Consultancy

Name of the insurance firm: Aviva Cargo Planners

Name of the insurance loss assessment consultant: Geoffrey Garrett

Date of insurance loss assessment: 6th May, 2011

Business specialization in: Handling and transporting cargo comprising of bulk chemicals, petroleum products, fertilizers, acids and liquids, food grains

Physical hazards and losses at three stages are as follows:

1. Loading

At the time of loading the materials in the ship, some amount of loss may occur if the goods are not packed and sealed properly in plastic or synthetic containers. Also use of semi-skilled workers to carry the load from the vehicle to the port may lead to accidental loss and damage.

2. Transportation

The cargos are often destroyed on a random scale on the way to the warehouse from the factory because of inappropriate location and storage. The materials should be kept at safe distances from any source of fire and the inflammable and sublimable items should have special storage facilities.

3. Unloading

During and after dislodging, care should be taken as the ports are not highly developed in all places. The use of wobbly wooden platforms and unstable jetties can lead to misbalance and accident subsequently.

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