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Home / IRDA Update 

Revised Financial Limits Of Categorised Surveyors & Loss Assessors

The Authority had in the year 2002 categorised the licensing of surveyors into three categories - "A", "B" and "C" and had indicated the monetary limits upto which each individual category surveyors would carry out a survey. Since then representations have been received by the "Authority on the need for a rationalization of the structure. After examining the representations so far received in this regard, the Authority now decide to re-fix the limits of the value of survey to be undertaken by different category of surveyors in respect of the following classes of survey.

There will not be any changes in the different values of work allotted to surveyors in Marine Hull and Loss of Profit businesses.

In respect of Marine Cargo and Miscellaneous the following would be the changes.

Category "C", the existing limit of Rs. 1 lac would be enhanced to Rs. 3 lacs.
Category "B", the present limit of Rs. 3 lacs would be enhanced to Rs. 7.5 lacs.
Category "A", these surveyors would be permitted to undertake survey in respect of claim of over Rs. 3 lacs.

Motor

Category "C", the existing limit of Rs. 75,000/- would be enhanced to Rs. 1 lacs.
Category "B", the existing limit of Rs. 1.5 lacs would be enhanced to Rs. 2 lakhs.
Category"A", Surveyors would be permitted to undertake survey in respect of claim of over Rs. 1 lac.

Fire

Category "C", the existing limit of Rs. 10 lacs would be reduced to Rs. 5 lacs.
Category "B", the existing limit of Rs. 25 lacs would be reduced to Rs. 20 lacs.
Category "A", the limit above will be fixed at Rs. 5 lacs instead of Rs. 10 lacs.

Engineering
Category "C", the limit of Rs. 5 lacs existing now would be reduced to Rs. 2 lacs
Category "B", Rs. 10 lacs will be reduced to Rs. 7.5 lacs
Category "A" the limit will be Rs. 2 lacs as against Rs. 5 lacs.

These changes will take place w.e.f. 1st June, 2003.

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