Once upon a time insurance surveying was a king’s profession & till the year 2002 it was realy a lucrative vertical but with the passage of time & entry of the the Pvt sector insurers, we have seen a drastic change in the overall conditions. The income level has gone down whereas the workload has increased immensely. Most of us are under financial as well as mental strain. With the current economic policies like increase in the FDI & move to privatize some govt. sector insurance companies, the future of surveyors look bleak but we are still not looking at the writing on the wall.
But at this stage of the life very few can think of the career change so the only way-out is to add some additional products in our portfolio. Here, we have a brief detail of the some add-on service sector verticals which we may handle along with our current profession.
1. Registered Valuer
Insolvency and Bankruptcy Board of India( IBBI )
a. Land & Building – Civil vertical
b. Plant & machinery – Mech/Electrical/Electronics/Computer Science etc.
c. Securities or Financial Assets – CA’s
2. Qualification: Engineering degree with 5 year exp.
Eligibility criteria available at: https://ibbi.gov.in/legal-framework/rules or https://ibbi.gov.in/faqs
3. Process: Register with an RVO – Get 50 hour training Total no’s 17 in india including one in Panchkula & Jalandhar
Training Cost: Rs. 20000/- Approx
4. Appear for exam with IBBI (https://ibbi.gov.in/ )
Fee: Rs. 1500.00
5. Format and Frequency of Examination
a. The examination is conducted online (computer-based) with objective multiple-choice questions;
b. The examination centres are available at various locations across the country;
C. The examination slot is available on every working day;
D. A candidate may choose the time, the date and the Examination Centre of his choice for taking the exam
Examination. For this purpose, one needs to enroll and register at https://certifications.nism.ac.in/nismaol/
e. A fee of Rs.1500 (One thousand five hundred rupees) is applicable on every enrolment;
f. The duration of the examination is 2 hours;
g. A candidate is required to answer all questions;
h. A wrong answer attracts a negative mark of 25% of the marks assigned for the question;
i. A candidate needs to secure 60 % of marks for passing;
j. A successful candidate is awarded a certificate by the Authority;
k. A candidate is issued a temporary mark sheet on submission of answer paper;
l. No workbook or study material is allowed or provided;
m. No electronic devices including mobile phones and smart watches are allowed; and
n. Use of only a non-memory-based calculator is permitted. Scientific Calculators
(memory based or otherwise) are not allowed.
6.Get empanelled with banks
Income Tax department: income tax/wealth tax purpose
Insurance : For fixing of sum insured/pre-risk inspections
Courts: for Asset valuations in legal cases
a. Auto mobile valuations:
1. For Kotak, HDFC, ICICI, Shri Ram, Chola, AU finance, SBI etc etc
2. For Govt departments for vehicle disposal, police stations for untraceable vehicles owners
Bulk player is required at all locations. Main problem is dis-interest of surveyors due to lesser payout
b. Property valuations:
1. For foreign visits like vistor visa, study visa, PR etc.
2. Arbitration: ( ADR )
Indian council of arbitration ( ICA )
Arbitrator: an independent person or body officially appointed to settle a dispute: The facts of the case are put to an independent arbitrator or one who conducts an arbitration, and serves as a judge who conducts a “mini-trial,” somewhat less formally than a court trial. To settle the commercial & contractual disputes. It can be court appointed or directly appointed by parties. You can act as individual or on institutional panel.
Qualification and characteristics of arbitrators:
No specific qualification but main criteria is domain expertise. parties are free to determine their qualifications and nationality.
An arbitrator does not need to be licensed to practise in India, and the law recognizes that foreign qualified lawyers and technical professionals, among others, can serve as arbitrators. Arbitrators are appointed as agreed by the parties and the parties are free to determine their qualifications and nationality.
Pursuant to the passing of the Arbitration and Conciliation (Amendment) Act, 2021 (2021 Amendment), no qualifications and characteristics of arbitrators are prescribed by statute. The 2021 Amendment deletes Schedule VIII of the Arbitration Act, which appeared to, among other things, limit the ability of foreign qualified lawyers from acting as arbitrators in India. For example, Schedule VIII appeared to prescribe requirements such as minimum experience, knowledge of Indian laws and so on, as preconditions for persons to be appointed as arbitrators. The 2021 Amendment Act however states that qualifications, experience and standards for the accreditation of arbitrators will be specified by regulations passed by the Arbitration Council of India (section 43J, Arbitration Act).
Domestic arbitration institutions include :
Mumbai Centre for International Arbitration (www.mcia.org.in).
This is the most popular arbitration institution based in India for large commercial disputes. It was set up in 2016 and is led by a very competent and internationally renowned board of arbitration practitioners from across the globe, has received significant traction, but does not yet have a notable list of administered matters.
Nani Palkhivala Arbitration Centre (www.nparbitration.com).
This is another institution which has seen significant growth in recent years. It has been formally recognised by the Madras High Court to render assistance in arbitration matters by its Order dated 21 September 2005.The Centre has a panel of arbitrators comprising retired judges, lawyers, chartered accountants and civil servants among others.
Some High Courts in India have also set up arbitration centres affiliated with such High Courts, such as the:
Delhi International Arbitration Centre (www.dacdelhi.org).
Arbitration & Conciliation Centre – Bengaluru (Domestic & International) (www.arbitrationcentreblr.org), an initiative of the High Court of Karnataka.
Jammu and Kashmir International Arbitration Centre (http://184.108.40.206/), an initiative of the Jammu and Kashmir High Court.
Civil & consumer courts ( ADR )
Mediation is a process in which a neutral third party assists the disputing parties to creatively resolve their disputes/claims without going to trial.
A neutral third party called “mediator” uses his domain expertise, special negotiation skills and communication techniques to help litigants bridge their differences and find a solution to their dispute. A mediator acts as a catalyst to bring the two disputing parties together by defining issues and eliminating obstacles for communication and settlement.
Main type of type of cases;
- Insurance claim disputes
- Banking loan disputes
- Automobile purchase & secrivce defect claims
- Real estate issues
- Consumer issues
a. Retired judges
b. Retired bureaucrats
c. Advocates with 10 years experience at bar
d. Experts or other professionals with 15 years of experience
Any domain expert like insurance claims, banking loans, communication, Real estate–property dealers with no specific qualification mentioned.
Training: Training in mediation is required as directed by mediation cell
4. Misc. Certifications:
For explosives, boilers, factories, vehicle fitness, Oil tanks etc.