Inform the insurance company
First and foremost, one should notify the insurance company or agent from whom the policy was purchased. An application for issuance of a duplicate insurance policy must be submitted along with a copy of the FIR, advertisement and bond.
File a complaint with the police
Some companies insist on filing a complaint with the police about misplaced insurance policy documents. A copy of the complaint must be submitted with the request to receive a duplicate policy.
Place an ad
A public announcement should be placed in a local newspaper in English and the local language to report the loss of the font, details of the font and a call to notify the advertiser if the font is found by someone. An advertisement in a newspaper proves that every effort is made to find the policy document.
Provide a bond
Along with the application, the company may require the applicant to sign a surety bond on a paper stamp in which the applicant undertakes to indemnify the company if, in the future, someone shows up with the document of original policy and made a claim.
Points to note
- The applicant should know where the original document is kept in order to avoid the above process.
- The duplicate policy issued by the company clearly states on the front of the document that it is a duplicate.
Content on this page is courtesy of the Center for Investment Education and Learning (CIEL).
Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.
