Can we assess the risks prudently?
R.G. Iyer
`Article opens:’
Considering the practical problems relating
to insurance, it is found that lack of
assessing the risks is the major issue that needs immediate attention.
To take an example, if we need to send a big size Plasma Monitor from London to Mumbai risk factors relating to the transit needs to be assessed prudently. Assessing the correct value of the material to be sent is of utmost importance.
The article goes on to describe:
PRECIS
The basic needs of risk management need to be analysed. Assessing the various types of options
regarding policies and choosing the one with maximum benefits is of utmost importance.
Following are the reasons for rejection of claims for insurance.
Ø Not adhering to the rules relating to transit insurance
Ø Not sending proper documents
Ø Lack of clarity regarding description of goods
Ø Improper estimation of loss
Hence, assessing risks relating to the transaction prudently will help to avoid loss.