Pre-insurance inspection of property has been and remains one of the most important stages of underwriting and risks. After all, the decision to conclude an insurance contract will directly depend on the quality of this service.
As a rule, types of pre-insurance inspections or as it is also called insurers of insurance expertise are divided into two groups:
The first group includes expertise related to mass types of property insurance, which include cars and private property (for example, a country house or apartment), as well as the personal property of the insured;
The second group of pre-insurance inspections include complex facilities that require an individual approach and assess the risks associated with insurance. These include property complexes for production and storage purposes, etc .;
During the pre-start inspection or examination, the specialist studies the documents provided by the insured. Such documents include project documentation, act of acceptance and delivery of the object of insurance, other documents relating to the object of examination. When studying the documentation provided, special attention is paid to the presence of regulations or regulations of government agencies that control urban development and industrial safety. Also, the specialist checks the property rights on the insurance object in order to determine the insurance interest. Sometimes at the conclusion of the insurance contract, the verification of property rights can be transferred to the stage of settlement of losses
When carrying out pre-insurance examination, specialists draw up an inspection plan. Data for drawing up an inspection plan are also taken from documents provided by the insured, for example, from an insurance application.
The results of the report on the conducted pre-insurance examination are the main factors for the decision of the underwriter on the terms of the insurance contract. Based on the information obtained during the pre-insurance examination, conclusions are drawn about the risk factors that require more serious analyzes. Also on the basis of the information received, a list of possible undesirable insurance events having a sign of the occurrence of the insured event is drawn up.
As a result of the general assessment, the expert concludes that the object is exposed to the risks of the occurrence of the insured event. In case of ambiguous conclusion, the specialist may send the object of insurance for additional studies with a view to further identifying weaknesses and quantifying the likelihood of the occurrence of the insured event.
When establishing as a result of a pre-insurance examination of the fact that the insurer observes all technical, technological and organizational standards, it can be assumed that the expected damage will correspond to normal or favorable conditions for calculating insurance tariffs (the possibility of applying lowering coefficients). In case of detection of violations it is necessary, as already noted, to recommend the use of raising coefficients or the rejection of insurance.
In addition, the simulator simultaneously simulates all possible accident scenarios in order to calculate the maximum possible loss. If such a scenario is not available, then the experience of the specialist conducting the pre-insurance examination is used in the calculation.
When conducting a pre-insurance inspection, special attention is also paid to the specialist in examining the title risks in the following possible scenarios:
- dishonesty on the part of the seller;
- mistakes made by the intermediary (for example, realtor);
- violations committed in the form of a transaction when it is concluded by third parties of notaries, realtors, state bodies. registration;