Fire Insurance Policy Claim Settlement for Meher Filaments:
1. Insured Information
- Insured Name: Meher Filaments
- Insurance Company: National Insurance Co Ltd
- Type of Policy: Fire Insurance
- Policy Number: 311500112010000283
- Sum Insured: Rs. 32,00,00,000/-
- Date of Loss: 03rd June 2020
- Cause of Loss: Stocks were partially damaged due to the Nisarga Cyclone.
2. Claim Overview
- Estimated Loss: Rs. 1,62,02,540/-
- Total Claim Settlement Amount: Rs. 51,35,000/- (Settled on 05th March 2021)
- Claim Settlement Duration: 9 months, 2 days
3. Incident Background
- On 03rd June 2020, Meher Filaments suffered significant damage when the Nisarga Cyclone hit their premises. The cyclone caused partial destruction of goods stored at the site. Meher Filaments subsequently filed a claim under their fire insurance policy with National Insurance Company Limited, reporting an estimated loss of ₹ 1,62,02,540.
4. Final Settlement
- Following a thorough investigation and damage assessment by the insurance surveyors, the final settlement amount was determined at ₹ 51,35,000, which was disbursed on 05th March 2021. The settlement addressed verified damage to the stock. Although the settlement was less than the claimed amount, factors such as depreciation, policy exclusions, and specific policy limits likely influenced the final payout.
5. Claim Settlement Process
- The claim settlement process spanned 9 months and 2 days from the date of the cyclone. Throughout this period, the Saumit Claims Team worked closely with Meher Filaments and National Insurance Co. to ensure all required documentation was submitted promptly. Despite the complexity of the large-scale loss, this coordinated effort facilitated timely on-account payments and the final settlement.
6. Conclusion
- The damage caused by the Nisarga Cyclone posed a substantial financial challenge to Meher Filaments. However, thanks to the swift response from National Insurance Co. and the diligence of both Meher Filaments and the Saumit Claims Team, the claims process was handled efficiently, ensuring that the business could recover from the loss with minimal disruption.