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📋 '''Survey''' in the insurance context refers to the physical inspection and risk assessment of a property, asset, or operation carried out before or during the life of an [[Definition:Insurance policy | insurance policy]]. Surveys are a foundational [[Definition:Underwriting | underwriting]] tool used by [[Definition:Insurer | insurers]], [[Definition:Loss control | loss control]] engineers, and specialist [[Definition:Surveyor | surveyors]] to evaluate the condition, hazards, and risk management practices associated with the subject of insurance. While the term has broad usage outside insurance — land surveys, market surveys — within the industry it specifically denotes the on-site or technical evaluation that informs risk selection, pricing, and [[Definition:Risk mitigation | loss prevention]] recommendations.

🔍 The process typically begins when an [[Definition:Underwriter | underwriter]] requests a survey as a condition of quoting or renewing coverage, particularly for complex [[Definition:Commercial insurance | commercial]] or [[Definition:Industrial insurance | industrial]] risks. A qualified surveyor — who may be employed by the insurer, by a [[Definition:Third-party administrator (TPA) | third-party firm]], or in [[Definition:Marine insurance | marine]] lines by organizations such as classification societies — visits the site, inspects physical assets, reviews safety systems, evaluates management protocols, and produces a detailed report grading the risk. In [[Definition:Property insurance | property insurance]], the survey might focus on building construction, fire protection systems, and natural catastrophe exposure; in [[Definition:Marine cargo insurance | marine cargo]], it could involve pre-shipment inspections or post-loss assessments of damaged goods. Many jurisdictions and market traditions have distinct survey practices: [[Definition:Lloyd's of London | Lloyd's]] has historically relied on [[Definition:Risk engineer | risk engineering]] surveys as part of its [[Definition:Delegated underwriting authority (DUA) | delegated authority]] oversight, while large Asian commercial markets such as Japan and Singapore often use surveys mandated by local regulatory guidance for certain classes of business. Post-loss surveys — sometimes called [[Definition:Loss adjustment | loss adjustment]] surveys — serve a different purpose, assessing damage to determine the quantum and cause of a [[Definition:Claim | claim]].

🛡️ Robust survey programs deliver value that extends well beyond individual policy decisions. By identifying deficiencies and recommending improvements — such as upgraded sprinkler systems, better housekeeping protocols, or structural reinforcements — surveys actively reduce [[Definition:Loss frequency | loss frequency]] and [[Definition:Loss severity | severity]] across an insurer's portfolio. This preventive dimension makes them a cornerstone of [[Definition:Loss control | loss control]] strategy, and many large [[Definition:Reinsurer | reinsurers]] require evidence of survey activity when evaluating [[Definition:Treaty reinsurance | treaty]] submissions from cedants. The rise of technology has also reshaped surveying: [[Definition:Insurtech | insurtech]] firms now offer remote survey capabilities using satellite imagery, drones, [[Definition:Internet of Things (IoT) | IoT]] sensor data, and AI-driven image analysis, enabling faster and more cost-effective assessments. Regardless of the method, the survey remains one of the most direct points of connection between an insurer and the physical reality of the risk it is asked to cover.

'''Related concepts:'''
{{Div col|colwidth=20em}}
* [[Definition:Risk engineering]]
* [[Definition:Loss control]]
* [[Definition:Underwriting]]
* [[Definition:Surveyor]]
* [[Definition:Loss adjustment]]
* [[Definition:Risk assessment]]
{{Div col end}}

Definition:Survey - Revision history

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