Duplicate Insurance Policy

To get a Duplicate Insurance Policy is not a big task but few steps as per the rules of Insurers have to be followed to get a duplicate policy. Insurers issue duplicate policies on the request of the policyholders. But they are cautious while doing so, as there are chances of being cheated. It may be possible that the policyholder may have mortgaged the policy to some one else and might report to the insurer that the policy document is lost. So precautions are necessary on the side of the Insurer to get rid of such acts and take a decision to issue duplicate policy after all necessary inquiries and investigations.

Common steps that may be followed:

The policyholder may be asked to give an advertisement in the local newspaper related to the loss of original policy
The policyholder may be asked to provide an indemnity bond signed by policyholder and a surety

If the policy is lost by theft:

The policyholder will have to file a first information report (FIR) and get the final investigation report from the police department

If the policy document is partially damaged:

The remaining part of the policy document may be examined and if the identity is clear a duplicate policy can be issued without above steps (advertisement and indemnity bond)

The cost of issuing duplicate policy (cost of the steps taken) has to be born by the policyholder.

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