On declaration of an “Event Year” in any particular factory area insureds having suffered a loss as a result of one or more of the events are compensated for losses as per provisions of the Act (insurance policy). The Board endeavors to settle all compensable losses as soon as possible. Planters, Metayers and Millers are not required to make a claim.
However Millers, Brokers, Cooperative Credit Societies and Middlemen are required and requested to forward returns of Insureds ASAP. In principle such settlement is done in February on obtention of crop returns, millers’ returns and Control Board’s return.
Any Insured who disagrees with the amount of compensation paid in an “Event Year” may formally request for a re-assessment of compensation in respect of loss suffered within 9 months from the date of the declaration of the “Event Year”.