I need 3 pages on economic insurance sector in saudi arabia.

Abstract:

having the insurance company gives you more than good night's sleep, and it's essential to protect and manage your business. Here comes the role of the insurance broker.

The insurance broker duty to work and get the best interest of the insured or his client, and provide the right advice, which is independent of any influence of the insurance company in terms of professional advice.

This project will discusses the role of the insurance broker in the insurance industry in more details, explained in details how the Marsh & McLane insurance broker deal with clients and insurance companies about causes of the insurance by showing ratios of financial statement. Also, the project tells about recommendations and how develop and become a growth insurance in all areas. plus how to avoid the risks.

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Chapter1:

Introduction

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Background

Goal of the project:

The project shows how the growth of the insurance services sector, through the advice and recommendations provide by insurance broker to clients that which is an important role to strengthen the insurance market to become more competitive in the insurance industry.

Objective of the project:

The role of insurance broker who to deal with several insurance companies, and has knowledge of multiple type of insurance policies formulated, it disposes of its clients and help them make the best decision.

problem of descriptions:

All answers of these Scenario will find in the objective and goals of the project:

In Al Khobar city, There was warehouse got stolen. Where the people who attacked the security guard, They handcuffed the security guard, and theft 150 tiers and smashing a number of trucks. After investigation and inspection found ;

Total cost of replacing the tyres /wheel rims etc: SAR452,907.00

Repair cost of the damaged tanker: : SAR 8,816.00

Total :SAR 461,723.00

The inventory at the subject location has been insured in the amount of SAR 11,500,000 whereas the total value of the inventory at the subject location at the time of loss has been established at SAR 27,800.000

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As the value at risk (SAR 27,800.00) is substantially higher than the sum insured (SAR 11,500.000) pro rate condition of average will apply as follows:

(sum insured : SAR11,500.000 )* (claimable loss: SAR 461,723 ) = SAR 191,001

(value at risk : SAR 27,800,000)

Less policy deductible :: SAR 10,000.00

Net adjustment :: SAR 181,001.00

Another causes:

Rayyan child needs to undergo surgery in his eyes because injured Relaxant eye eyelid. Insurance decision that the injury is not covered in the policy. The claim rejected, and the operation was conducted. After that, Dr. said that the issue is not cosmetic, but is necessary, because it was suffering from pain in the neck and headaches. The client made a claim to the insurance company of the amount. Until now, the issue under the process.

addition cases:

On Saturday, 14/05/2016, he was driving at 20 km, he wants to wrap the left of the intersection, but he Saw the motorcycle coming to him at high speed , Completed wrap sharp angle , which lead to damage to right front bumper with left rear bumper by bike. Which led to the occurrence of the other party and the bike drag out on the road, The driver injured. It was to stop the car to help the driver. It was carrying a driver on the sidewalk. Resuscitate him and rushed to hospital.

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Company profile:

General:

The company is global expert service firm offering clients advice and solutions in risk, including Marsh the insurance broker, intermediary and risk advisor; Guy carpenter, the risk and reinsurance professional ; Mercer , the provider of HR and related finance advice and services ; and Oliver Wyman Group, the management, economic and brand consultancy. with approximately 60,000 workers worldwide and annual income of approximately $ 13 billion, the company provides analysis ,advice and transaction capabilities to clients in more than 130 countries.

The company conducts business through two segment:

Risk and insurance service : includes risk management activities as well as insurance and reinsurance broking and service.

consulting : includes health, retirement, talent and investments consulting service and products, and experts management, economic and brand consulting services.

Introduction of Marsh:

Marsh set up working for more than 140 years, one of the largest major insurance companies in the world. Marsh in more than 130 nations around the world , Marsh auxiliary of the organization 12 of Marsh & McLennan Company. Marsh targeting the Middle East through the opening of a branch in the Kingdom of Saudi Arabia, for the practice of traditional insurance services, and presented to both individuals and companies that operate in the Saudi market, with more than 2,500 employees, and three branches in the UK, it began with Riyadh, and expanded to Jeddah and Al-Khoper, the company has an extensive list of services and products customized to fit the needs of the Saudi customer. The company can be represented in the following chart that stimulates the company's hierarchical structure:

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Every one of office in the organization has many capacities to process; I could specify just some of these capacities that identify with every division:

The firs department of Risk Management, which is a core department to Marsh corporation, due to its complicated duties needed to be practiced

The department functions are:

The second section of the work in the marsh is the insurance department, which has extensive work on the basis of 'consensus, experts and customers wishes and property, and the risk.

General line:

It is divided into three main sections:

1_ Motor

2_ Non motor

3_ Customer service

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1- Motor

Procedures of Motor :

Receipt of a notification from the client about the incident, then we ask the client some of required papers, such as (policy report, the incident sketch, license, and Estmara). After that, we make a report to the insurance company to record the claim then send the client a car to the agency to pricing the value of reform. We follow up to the insurance company to issue approve of the pricing , when we reach approval the vehicle start to reform of the agency. Marsh require reform bill from the client to send the invoice to the insurance company to take the money and deliver it to the client to lock's of claim.

2- Non -Motor

It depends on the type of claim and of any kind of policy:

Fire / Water damage

In the happening of Fire incident, call the Civil Defense and get their report

Theft claim

In the case of theft, and report the incident to the police powers and get their report, focusing on that the burglary by forced entry. (Please note you must be theft by forced entry into the premise and policy does not include any mysterious disappearance of the property / equity)

Set up the list of stolen things with their obtained unit costs.

Please ensure that the following steps are taken after a loss: Discuss every single vital stride to protect the property from more loss or harm 1-

2- Isolate the damaged goods and prepare a property listing of all of the items.

3- put in order a detailed data sheet showing quotations for Debris removal (if applicable), cost for repairing/replacing damaged goods with supported documents/invoices based on the same or like kind and quality. Review this with us to guarantee all is all together before submitting it to your underwriters/adjusters.

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4- Please make sure that does not remove the damaged property without a search / prior approval of officers or insurance companies. However, where the situation warrants removal of damaged goods ensure that a sufficient number of images, and all the details are fully documented .

Shipping port

Counseling and clearing specialist that if discovered harmed shipment or short-got at the port, should know the stevedore, shipping operator suppliers invited to conduct a joint survey with the inspector insurance companies and get damaged their report.

shipment after arriving in the warehouse from the port

Upon coming of the container. Shipment at the warehouse on Truck, the stockroom in-charge should check the situation of the shipment inside the container and if found damaged divide it for the check up by the surveyor. Then put together the lists of the damaged shipment and the claim bill as per unit price mentioned in the Commercial bill.

Inland transit claim

While loading shipment on the truck, be ensure that the shipment in good conditions and delivery receipt and truck way bill carries full details of the shipment. also, an invoice issued with the details of shipment and the unit price. then ensure that shipment is properly covered by the Tarpaulin or strapped .

If the shipment is damaged during road accident, please advise the transfer company to report the matter to the Police and obtain their report. Then segregate the damaged shipment and prepare the list of damaged shipment. If the damaged shipment is repairable obtain a repair estimate or your claim bill.

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WORKMEN’S COMPENSATION CLAIM

STEP - ONE

The member of staff should be taken to a GOSI owned or assigned medical facility with a GOSI insurance card or in a life-threatening situation to the nearest medical facility. Report the incident to GOSI in their prescribed form as per GOSI rules and regulations. Please note the claim should be notified to GOSI within 72 hours of occurrence of the accident/injury .

Notify MARSH with the following details.

Name of the Employee, Incident report stating date of accident, circumstances and cause of the injury. We would then formally notify the underwriters to register claim. The Worker’s Compensation policy issued for DIC of GOSI will cover the claim in case GOSI rejects the claim or settle partially.

MONEY CLAIM

Report theft or loss of the money to the Police authorities with the documents supporting of loss and provide the following documents for the underwriters to process the claim.

FIDELITY CLAIM

directly upon discovery of any financial loss to the corporation directly resulting from dishonest act(s) of an Insured employee which consequently may lead to a claim under the policy, you need to inform the claim to MARSH along with a short summary of the happening and level of loss. At the same time, informing the matter to the police to protect insurer’s retrieval rights and take all reasonable steps to lessening the loss.

Do not free the Passport to the worker until the money is recovered or the case is finalized by the authorities.

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PUBLIC LIABILITY CLAIM

Informing the case to MARSH directly upon receipt of claim from the Third party, lawful notification , call from the court in respect of the Property harm or physical injury to the Third Party. Do not allow or commit any liability or negotiate settlement.

ERECTION ALL RISK CLAIM

Please make sure that the following steps are taken after a loss

1- Obtain all necessary steps to protect the property from more loss or damage

2- Separate the damaged goods from undamaged property and prepare a property inventory.

listing all of the things. 3-

4- Please make sure no damaged property is removed without prior inspection and get approval of adjusters or underwriters. However, where a situation warrants removal of damaged goods, ensure enough number of photographs are taken and all details are fully documented .

Costumer Service :

Action steps are as follows:

1) As per the client's request we get quotations from the market for the general line policies.

2) We compare the quotation received from each market.

3) We advice the client to select the best quote after our review of the quotations.

4) Once the client instruct us to place the policy after selecting the best quotations we instruct the insurance company to issue the policy.

5) Insurance company issue the policy based on the agreed terms and conditions in the quotation.

6) Once we receive the ppl it from the insurance company we review the policy to check whether the terms and conditions are in accordance with the agreed quote .

7) We issue our an invoice and then send the original policy and the invoice to the client.

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Medical :

As takes after:-

• inform the insured/client of the claim procedures.

• Prepare Reimbursement Claims documentation check list.

• Analysis of claim records

• Submission of claims to insures

• Acknowledge claim to the clients

• Follow-up claim settlement from the insurers

• Audit the claim settlement and ensure the settlements are in accordance with approach

• Adjudicate the claim and errors to be brought up with safety net providers

• Update assert settlement to the insured

• Assist the insured to acquire endorsements incase of any issues at APN

• Prepare different cases reports to the customer

• Prepare different inside reports to the Management

• Assist the arrangement administrator group as and when required

• Keep great Public relations aptitudes with the colleagues and also with the clients

Daily active:( addition/deletion) :

Addition:

1- Ask from client the ID card from the insurance and all the papers relating to the person required to Add.

2- Send to the insurance company all the papers.

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3- follow up with the insurance company then conform make sure the information is correct.

4- after that, issue the card insurance then received to the client.

Deletion:

The same steps, but the difference that the company gives to agree to cancel the client from the policy.

placement :

What is it ?

"It is a document created by the broker contains a summary of the conditions and terms of an offered insurance or reinsurance contract".

Easy slip preparation:

First, for doing the slip we should have access to the company previous policy.

Second, we improve and suggesting more cover and include it in the slip.

Third, ask the client to provide a letter (BOA) which is the Broker of Record that mean this broker company had an authorized Marsh to work in behalf of this company.

Finally, formulate the slip and send it to the market “selected insurance companies” which is then presented by the broker to view their consideration

Start creating the Slip

1-This process start before 60 days from expiry

( Be careful with the Network, Deductible, Dental and Optical limits.)

And make sure to include all the special conditions mentioned in the current policy or if something agreed during the policy as memorandum.

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2-Receive or request the BOR from BDV or the CE team.

Ask for the following : ( active list , claim experience, CR copy, and copy for the current policy.

3- Create the Marketing list as for our format

All it is matter in this stage is to have ( date of birth, ID number, & nationalities )

If there is anything missing ask the Client servicing team to provide you with.

PREPARING A MEDICAL SLIP :

The information should be included in the slip:

1-Policyholder Name.

2-Commercial Registration Number.

3-Sponsor ID.

4-The cover they have.

5-Policy period.

6-Policy wording.

7-The group classification.

8-Preferred providers’ network.

9-Age Limits.

10- Who is insured in this company?

11-Annual Maximum

12-Consultation bench mark out of approval.

13- In patient treatment/ Dental/ optical.

14-Preapproval limit

15-Other benefits

Marsh mission :

Marsh create peace of mind by passionately delivering exceptional employee benefits and risk management ,solutions, committed to:

1. Providing world-class recourse with local touch

2. Serving our clients, colleagues, carriers and communities

3. Acting with integrity and respect

Marsh vision

To be the world class leader, revolutionizing our industry and our clients experience

Marsh today:

Marsh is the number one in insurance risk management

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Chapter 2:

Methodology

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Data collection:

The data will be collected from secondary sources to have a well overview on the case.

• Primary Data:

I have conducted several interviews with the supervisor in marsh to gather information about what the role of the Insurance brokers between clients and Insurance companies to get more information. such as

1_ What the hard cases Marsh faced ?

2_ When the insurance company paid money to the client?

3_ When the insurance company rejected the claims?

4_ when do you start renewal policy ?

• Secondary Data:

There are many sources that I have taken the information that I used on the project which are the company records, internet ,and book. Also, financial reports of the company year (2011 to 2015)

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Chapter 3:

Data Analysis and Findings

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Data analyses and finding:

The company is organized as holding company , a legal entity separate and distinct from its operating subsidiaries. As a holding company without significant operations of its own. the company is dependent upon dividends and other payment from its operating subsidiaries to meet its obligations for paying principal and interest on outstanding debt obligations , for paying dividends to stockholder , for share repurchases and for corporate expenses . We also provide financial support to our operating subsidiaries for acquisitions , investments and certain parts of their businesses of Guy Carpenter . Other sources of liquidity include borrowing facilities in financing cash flow. The company derives a significant portion of its revenues and operating profit from operating subsidiaries located outside of the United State. Money from the company's operating subsidiaries located outside of the United States are regularly repatriated to the United States out of annual earnings.

At December 31 2015, the company had approximately $ 800 million of cash and cash equivalents in its foreign operations, substantially all of which is considered to be permanently invested in those operations to fund foreign investments and working capital needs. At the current time , the company does not intend to repatriating any of this cash. The non-U.S. cash and cash equivalents considered permanently reinvested includes $191 million of operating funds required to be maintained for regulatory requirement or as collateral under certain captive insurance arrangements. The company expects to continue its practice of repatriating foreign funds out of current annual earnings. While organization does not predict a need to repatriate the funds which are currently deemed permanently invested , if facts or circumstances change, management could elect to repatriate them, if necessary, which could result in higher effective tax rates in the future. During 2015, the company recorded foreign currency translation adjustments which reduced net equity by $ 643 million . Continued strengthening of the U.S. dollar against foreign currencies would further reduce the translated U.S. dollar value of the company's net investments in its non-U.S. subsidiaries , as well as the translated U.S. dollar value of cash repatriations from those subsidiaries. cash and our consolidated balance sheets includes funds available for general corporate purposes. funds held on behalf of clients in a fiduciary capacity are segregated and shown separately in the consolidated balance sheets as an offset to fiduciary liabilities. Fiduciary funds cannot be used for general corporate purposes, and should not be considered as a source of liquidity for the company.

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Computing Liquidity Ratios:

Current Ratio = CA / CL

The current ratio is the liquidity ratio that measures a company's ability to repay short-term and long-term commitments. In 2014 was the high-current assets and have the ability to pay the obligation. In 2015 invested Marsh profits by buying shares, and acquisitions through business combinations (Both liquid and non-liquid) ratio of total liabilities to current company.

Cash Ratio = Cash / CL

The cash ratio or cash coverage ratio is a liquidity ratio that measures a firm's ability to pay off its current liabilities with only cash and cash equivalents. In 2014 the liquidity ratios, the highest cash coverage means that the company is more liquid and can be more easily financed debt. Creditors are particularly interested in the figure because they want to make sure that their loans will be repaid. In 2015 the liquid is decrees because there are more invested and acquisitions.

NWC to Total Assets: NWC /TA

Working capital to total assets ratio measures the company's ability to cover its financial obligations in the short term (total current liabilities) through a comparison of the Total current assets to total assets .In 2014 Marsh An increasing working capital to total Assets ratio is usually a positive sign, showing the company’s liquidity is improving over time. In 2015 Marsh the percentage decline the company may have a very large number of the total current liabilities, reducing the amount of working capital available.

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Computing Profitability Measures:

profit counseling firms we depend to some degree on guaranteeing that our advisors keep up sufficient use rates. Use rates have influenced by various components, including:

• Our capacity to move counsels promptly from finished ventures to new undertakings, connect with advisors recently designated rapidly in salary creating exercises.

• Our capacity to reliably secure new business signings, particularly in light of the fact that aspect of our responsibilities is not rehashed in the way of the tasks.

• Our capacity to estimate interest for our administrations, along these lines keeping up a fitting size in both our workforce and geographic territories.

• Our capacity to oversee wearing down.

• Unexpected changes in the extent of customer engagements.

• Probability of irreconcilable situations that may oblige us to decline customer engagements that we generally would have acknowledged.

• Our need to commit time and assets to deals, preparing and proficient advancement and other non-billable exercises.

• Possible interruption from acquisitions and manners operations affect. What's more, general financial conditions.

In the event that the usage rate for our counseling experts decays, our net revenue and profitability could decrease.

What's more, the profitability of counseling firms we depend to a limited extent on the costs we can charge for our administrations. Cost and charge influenced by various components, including:

• clients' impression of our capacity to include esteem through our administrations.

• market interest for the administrations we give.

• Our capacity to grow new administrations and the presentation of new administrations by contenders.

• Our contenders valuing arrangements.

• To what degree the improvement of our clients at home or other ability to perform Services that may somehow purchase from us; and General monetary conditions.

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Profit Margin: Net Income / commissions:

The best estimates of the average insurance company's net profit margin of between 3 and 8%, the weighted average rate of about 4 to 5%. Health and property and casualty insurance (which incorporates auto protection) tend to offer higher overall profit margins from the life insurance . The normal overall revenue for protection merchants is higher than that of the protection business as a rule, with the normal net benefits for representatives about 10%. Like all different organizations and organizations in the protection segment causing expenses and offer items, and must locate a gainful harmony between working expenses and the costs that the market will bear. The expenses of working in the field of insurance agencies incorporate cash that the safety net provider pays for the specialist organizations. For medical coverage organizations, this would be a repayment to healing facilities or specialists. On account of collision protection, and that incorporates installment to repair shops.

In 2014 to 2015 , profit margin for the insurance company can change significantly as a result of fluctuations in costs. Changes in the costs of services provided, and the policy of price changes and the number of claims received all factors that could cause the profit margin of the insurance company to change from year to year. For the purposes of long-term evaluation of the companies in the insurance sector, analysts consider the annual profit margin data to be very useful information.

Return on Assets(ROA) = Net Income / Total Assets

In 2015 Return on assets (ROA) is an indicator of how profitable the Marsh is relative to its total assets more than 2014 . Return on assets gives an idea of how efficient management is at using its assets to generate earnings

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Return on Equity (ROE) = Net Income / Total Equity

The total purchase consideration for acquisitions made during 2014 $ 772 million, which consists of cash paid of $ 575 million and postponing the purchase is based on an estimated contingent consideration arrangements primarily on EBITDA and revenue targets over two to four years. . During 2014, the company also paid $ 25 million of deferred exchange for $ 42 million, and the purchase is likely related to acquisitions made in previous years.

The total purchase consideration for acquisitions made during 2015 about $ 1.2 billion, which consists of cash paid of $ 1 billion and the purchase of deferred consideration dependent estimated at $ 176 million. Likely over periods of 2-4 years. During 2015, as the company paid $ 36 million of deferred exchange for $ 47 million, and the purchase is likely related to acquisitions made in previous years. In addition, other intangible assets the company bought in the amount of $ 2000000.

Computing Market Value Measures:

The company's assets and liabilities valued at fair value on a cyclic basis in the hierarchy of the fair value of the tow levels as specific in the accounting are classified. The fair value hierarchy gives the highest main concern to the prices scheduled in active markets for identical assets and liabilities (Assets and liabilities that are based on unadjusted traded assets or liabilities identical values in an active market prices ) and less priority to inputs unobservable (Assets and liabilities that are based on prices or valuation techniques that require inputs that are both unobservable and significant to measure the overall values of fair value. These inputs reflect private management assumptions about the assumptions that market participants use in pricing the asset or liability ). In some cases, the inputs used to measure fair value may fall into different levels of the hierarchy of fair value. In such cases, the level in the hierarchy of fair value, for disclosure purposes, is determined based on the lowest level input that is significant to the fair value measurement.

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And it is classified on the basis of assets and liabilities recorded in the consolidated balance sheet at fair value on the input in the valuation techniques.

For example:

Equity Securities and Mutual Funds - Level 1

Investments for which market quotations are readily available are valued at the sale price on their principal exchange, or official closing bid price for certain markets.

Contingent Purchase Consideration Liability - Level 2

Purchase consideration for some acquisitions made by the Company includes contingent consideration arrangements. Contingent consideration arrangements are primarily based on meeting EBITDA and revenue targets over periods from two to four years. The fair value of contingent consideration is estimated as the present value of future cash flows resulting from the projected revenue and earnings of the acquired entities.

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Chapter 4:

Conclusions and Recommendations

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Conclusion:

The factors identified above are not exhaustive. Marsh & McLennan Companies and its subsidiaries operate in a dynamic business environment in which new risks emerge frequently. Accordingly, In its main protection broking and risk counseling business, Marsh utilizes a group way to deal with address customers' risk administration and protection needs. Every customer relationship is composed by a customer official or customer chief who gets to the numerous business and risk strengths inside Marsh to facilitate the assets expected to help customers in breaking down, measuring and dealing with their different dangers. Product and service offerings include risk analysis, Product and service offerings incorporate risk analysis , program outline and position, post-arrangement program support and organization, claims support and backing, elective risk procedures and a wide cluster of hazard examination and risk administration counseling administrations. Swamp's customers advantage from cutting edge examination, profound specialized ability, a cooperative worldwide culture and a reputation of creative item improvement. Swamp administrations customers of all sizes, including multi-national organizations, center market organizations, little business ventures and private customers.

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Recommendations:

Marsh was founded 40 years ago. It has a high structure management, contains several sections and departments each responsible for specific sectors. There are some recommendations that could help the company to increase the development and growth :

1. Careful training of staff.

2. Make rotation between employees.

3. Participation in external conferences, about the development of insurance in all fields.

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References:

Book about Marsh and MacLennan companies.

http://www.mmc.com

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Appendixes:

THEFT CLAIM (Documents )

Report the incident/loss with the following details/documents:

1- Location of damaged property.

2- Date and time of the loss.

3- Incident report stating circumstance and Cause of loss.

4- Estimated repair/replacement cost (indicating a) Material cost.

5- Labor charges with breakdown of Man-hours and hourly rates.

Details of the Person to be contacted for obtaining full details 6-

Civil Defense report (in case of fire damage.)

Police report for the theft and if the property damaged by the Third Parties.

Insurance Certificate.

Bill of Lading / Airway bill (in favour of the client)

Bill of Lading / Airway bill (duly assigned by the bank, if B/L issued to the order of the Bank

If the Original B/Lading / Airway bill not available, copy of negotiable B/Lading Airway bill duly assigned by the bank and the Carriers’ agent.

Copy of Charter Party

Commercial Invoices.

Packing List / Certificate of Origin.

Short Landing Certificate / Damage report issue by Stevedore.

Letter of Understanding (LOU) from the P&I Club.

Copies of the correspondence exchanged with the Shipping Company agent / Suppliers

Claim bill as per the commercial invoices.

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WORKMEN’S COMPENSATION CLAIM ) ) Documents required

• Claim form duly completed and signed (attached).

• Police report (if the injury sustained in the road accident).

• Medical Report indicating nature of injury and sick leave granted (if any).

• Original Medical Invoices with treating doctor’s prescription.

• Salary slip for the last three months.

• Time sheets in respect of sick leave availed per medical advice.

• GOSI denial letter for rejecting claim or explanation for partial settlement.

In the event of death

• Original and/or duly attested copy of the Death Certificate.

• Original and/or duly attested copy of the Medical report stating the cause of death.

• Employment contract

• Copy of the ID / Iqama/passport.

• Salary slip (basic salary).

• Power of Attorney from the court In respect of legal heirs as beneficiaries.

Documents required

• Incident report.

• Police report stating the circumstances of the loss.

• Accounting records.

• Invoices / Vouchers / Receipts.

• Safe details.

Documents required ( Fidelity claim)

• Claim form duly completed.

• Police Report.

• Employment Contract

• Copy of Passport / Iqama

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• External Auditor’s audited report quantifying loss.

• Accounting records.

• Bank Statement.

• Stock records.

End of Service Benefits (Includes; Due salary, commission, bonus, air fare vacation leave etc.)

Documents require (PUBLIC LIABILITY CLAIM)

The following documents may become necessary in order to establish legal liability and negotiate settlement of the indemnity under the Policy. However, once the claim is notified to the Insurers, they may take up the defense and advise you of the action to be taken to conclude the claim expeditiously.

• Incident Report.

• Police report.

• Notice of Loss / Writ / Summon served by the claimant (Third Party).

• Copy of Contract with the Principal / Sub Contractor.

• Medical records / Invoices for the bodily injury claims.

• Estimate of repair and Supporting papers for Property damage.

• Proof of payment made to the claimant (Third Party).

• Court Verdict.

Report the incident/loss with the following details/documents:

• • Detailed incident report from the Site/Project Manager

  • Date and time of loss

  • Date of the consignment arrived at site.

  • Location of damaged property.

  • Nature & Extent of Loss

  • Estimated repair/replacement cost Material cost

  • Labor charges with breakdown of Man-hours and hourly rates.

  • Person to be contacted for obtaining full details.

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• • Bill of Lading/Airway bill for the original shipment & invoices.

  • Bill of Lading/Airway bill for the replaced items and claim bill with the

  • Supporting invoices.

DOCUMENTS REQUIRED FOR INLAND TRANSIT CLAIMS

Insurance Certificate.

Truck waybill noted with remarks.

Commercial invoices.

Packing list.

Police report (road accident)

Civil Defence (fire damage)

Claim bill.

To be prepared on the letter-head

TO CARRIERS /SUPPLIERS

ADDRESS

Attn: Mr……

RE: Vessel / Airlines

Bill of Lading / airway bill No.

Description of the shipment :

Date of Arrival. :

Our Ref. No. :

Dear Sir,

We regret to inform you that we have received the above-mentioned consignment damaged or short during the transit for which we hold you responsible. Please arrange to depute your representative/surveyor to inspect the damaged consignment at……………… and you may contact, Mr…………………. Mobile:…………………………..

As soon as the cause and extent of the loss has been determined, we will present you with our formal claim bill. Meanwhile, please acknowledge receipt of this letter.

Your truly

Company Name.

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