INTRODUCTION:

May we take the pleasure of introducing ourselves as one of the leading and most experienced Insurance Surveyors-Loss Adjusters in India based at Mumbai. 

Ours is a corporate surveyor firm which was originally started during the year 1975 in the name and style of SIB & Associates by founder Mr. B I Subramaniam, a Mechanical Engineer. 

Apart from a few years of experience in different industries, Mr. Subramaniam has been a practicing Surveyor- Loss Adjuster for over 45 years. Subsequently, during the year 2010, Mr. Jaimin Shah, a young Mechanical Engineer joined him.

In 2018, the proprietorship concern SIB & ASSOCIATES was converted into a corporate surveyor firm in the name and style of SIB Insurance Surveyors & Loss Assessors Pvt. Ltd. with Mr. B. I. Subramaniam and Mr. Jaimin Shah as Directors.

Today we are a team of qualified and experienced professionals comprising of both engineers and chartered accountants, engaged in survey & adjustment of numerous major losses for various underwriters in the country.

Started in the year 1975, SIB & ASSOCIATES was carrying out assignments for all the four PSU companies in the departments of Engineering and Fire. Over a period of time branched out to carrying out assignments in other departments.

There were ample opportunities to do more varied survey jobs and interact with highly experienced managers in different insurance companies. This interaction with  the giants in the insurance industry gave a solid foundation to our enterprise and provided the confidence to handle difficult and different kinds of assignments.

Besides our own expertise, we enlist the help of external experts/professionals in different fields as may be necessary and this includes  Certified System Auditors,  Forensic Examiners,  Structural Engineers etc.

We are in the panel of surveyors for all four PSU Insurers besides private Insurers. 

• SERVICES OFFERED:                                    

• Insurance Survey & Loss Adjustment.
• Offering expert opinion / consultation to Insurers in major and complicated losses, Business Interruption claims which are held up due to the technicalities involved.
• Valuation of Assets for Insurance Purpose.
• Risk Profiling & Management Advisory.
• Risk Inspection.
• Project Monitoring for ALOP Policies.
• Salvage Disposal through physical tendering as well as e-auction.

EXPERIENCE IN ASSESSING THE LOSSES IN DIFFERENT DEPARTMENTS: 

Due to long and active involvement in the profession, we have had experience in almost all type of claims under difference departments like Engineering, Fire, Business Interruption besides Miscellaneous as well as Marine Cargo.  

ENGINEERING:  

COMPREHENSIVE PROJECT POLICY:

We can confidently say that assessing large claims under Project Policies is our forte. We have surveyed numerous large losses that occurred during the erection & execution of a project.

• One of the major losses at Nathpa Jhakri hydroelectric project that occurred due to flash floods in Sutlej River during August 2000 was surveyed by us which included severe loss to dam site under CAR Policy and also loss/damage to CPM worth about 800 crores.
• A Hydropower project at Bajoli Holi near River Ravi that got affected to the tune of Rs.70 crores is the latest loss assessed by us.
• In between we have been involved in the survey of a large number of road projects (Expressway at Srinagar Rs. 120 crores) of almost all the infrastructure companies located all over the country and mini and medium range hydro power plants, innumerable construction sites etc.
• Similar Losses to numerous road projects in various parts of the country including hilly and mountainous regions, wash out of jetties & harbour facilities, under water (sea) pipe lines etc; Losses of transmission lines, Funicular Ropeway etc.
• A typical claim of Damage to EDA (Energy Dissipation Arrangement) down stream of Indira Sagar Dam (Narmada River), at MP.
• Expansion / New projects of refineries at Mangalore, Paradip etc., Thermal Power Plants at Bellary, Kothagudem, Neyveli.

LARGE RISK POLICY:  

• Aluminium smelting Pot Freezing claims- Damage to over 175 pots.
• We have surveyed Gas turbines, High Power Compressors, Steam Turbines, Boiler & Pressure Vessels, Distillation Columns, Cooling Towers, Wind Turbines, Servers and other Electronic Equipment, Tank Farms, Off Shore installations, Warf cranes etc.
• Various types of losses at refineries located in Mumbai, Jamnagar, Nagothane, Baroda, Vizag.
• Major Thermal Power Plant claims included surveying of generators (both imported and indigenous), power and generation transformers, Boilers and other associated machinery.
• Damage to glass melting furnaces and other equipment at Glass Factories.
• Losses at Hydro Power Plants.

FIRE:  

• Major fire losses in various type of Industries – Losses ranging from Rs. 5 crores to Rs. 350 crores. Industries covered include Chemical, Pharmaceutical, Composite Textile, Garment Manufacturing, Petrochemical, Steel & Cement Plants, IT Sector, Power Plants, Aluminium Paper & Plastic Industries, Salt and Oil Refineries, Fertilizer Plants, Optical Fibre and Glass manufacturing Industry, White Goods Manufacturers, Major Showrooms, Sugar Industry, Other Engineering Industries, Cold Storages, Processing Houses, Wind Turbines, Hospitals, Research Labs etc. In short we have surveyed losses in almost all type of industries.

BUSINESS INTERRUPTION:  

• Losses assessed at Petroleum Refineries (A PSU Refinery – up to Rs.300 crores, Power Plant at Amravati Rs.247 crores besides other plants) Steel Plants at Jamshedpur, Cement Plants at various locations in India, Aluminium Industry, Large Engineering Auto Components Makers, Composite Textile Mills, Paper & Packing Industry, Explosives plant at Nagpur, Hydro Power Plant, Wind Farms.
• A Thermal Power Plant at Amravati – LOP Claims Repudiated:- Two claims of Rs.247 crores and Rs.60 crores. These claims were investigated, assessed and recommended for repudiation.

EXPOSURE IN HANDLING CATASTROPHIC LOSSES:  

Major claim (largest under CPM and CAR) arising out of Flash floods in Tibet/Himachal leading to flooding in Sutlej River causing damage to a Hydro Power Plant during August 2000.  

Losses to projects, building structures and numerous other collapses in the state of Gujarat arising out of Earthquake 26^th January 2001. 

Major flood losses during July 2005 at Mumbai and surrounding districts. Flood Losses at Silvassa during 2002 and Raigad District – in 1989. 

Major losses due to cyclone during 1998 (Gujarat) including collapse of more than 30 Wind Turbine Generators were surveyed. 

Losses to project works, micro Hydel projects and power plants in Karnool and Guntur districts of AP and Gulbarga, Mantralayam etc. (Karnataka) during October 2009 floods.  

Numerous other losses due to cyclone/storm, floods etc.

CLAIMS UNDER MISCELLANEOUS POLICY:

Numerous losses assessed in the range of Rs. 1 crore to Rs. 10 crores under Shop Keepers, Product Liability, Film Insurance, Fidelity Guarantee, Banker’s Indemnity, Event Cancellation, Theft, Burglary etc.

Noteworthy:

• During 1986, marine transit claim of Project Skylark (Indian Navy) on account of damage to VLF communication equipment (for defense purpose – for Navy) imported from Texas, USA during sea voyage was surveyed. India was sixth country in the world to go for this set up and there was only one supplier. Supplier quoted US$ 3 million for repairs which was after technically evaluating the offer and negotiations, cost of rehabilitation of entire equipment was brought down by us to  US $ 0.75 million. 
• Damage to steam turbines claimed as Fire Losses by two different Clients since they had FLOP but no MLOP. In both cases there was fire which had engulfed turbine and peripherals. Our Investigations showed the fire to be damage and proximate cause of loss was machinery break-down. Approximate savings to the Insurers: INR 29 crores and INR 26 crores respectively.
• In case of composite textile mill at Maharashtra – claimed amount under material loss was INR 13 crores due to fire damage to Plant & Machinery and Stocks of cotton, sliver and yarn. After extensive investigation, proved that stock loss was exaggerated, records manipulated, evidence created, machinery were already scrapped. Claim was repudiated. Claimant lost out in court also.
• A few other cases of claims of sizeable sum ( in few crores) had been disallowed / repudiated after investigations. The perils included fire, floods etc.