Marine Insurance is a kind of insurance that covers baggage losses or damage caused to boats, cargo vessels, terminals, and any transport in which goods are transported or collected between different points of entry and their final destination. Protecting successive transport-related losses, this trip policy offers a haven for shipping companies and couriers because it maintains them from costly potential losses while transporting goods by water.
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Types of Marine Insurance Policy
- Marine Cargo Insurance
- Liability Insurance
- Hull Insurance
- Freight Insurance
Features of Marine Insurance
Comprehensive Coverage: Gives more expansive coverage against many types of loss or injury, guarding the value of your commodity against total loss of goods, incomplete loss of goods, and other similar expenses while your lading is still in transition.
Simple Customization: For businesses with changing needs, obtaining customized marine insurance is usually recommended. You can take your policy coverage limits and policy options helpful to your company and your particular conditions.
Flexibility: The plans are flexible enough and have various options to cater to the insured’s requirements, considering their budget.
Claim Survey and Settlement Help: Marine insurance policy is free from stress regarding the claim as the procedure offers global claim settlement assistance and a claim review.
What is Covered in Marine Cargo Insurance?
Below have mentioned Marine Insurance policy provides coverage from the risk arising during transportation via sea and other methods of transport.
- Marine Insurance coverage is Provided from a dire situation like fire or crack, sinking, stranding through a cargo journey.
- The benefit is provided for expenses incurred due to collision, overturning, or derailment of land conveyance.
- The Coverage is provided for expenses under a condition wherein the cargo is discharged from a pain port.
- Coverage for average general reduction recovers charge
- Protection against any natural calamities such as an earthquake or lightning.
- These covers expenses such as survey fees, forwarding expenses, costs of reconditioning and charges of sue.
- It additionally covers situations like jettison and washing overboard.
What is Not Covered in Marine Cargo Insurance?
Below have mentioned Marine insurance coverage is not given under the following condition:
- Coverage is not provided for any Intentional loss.
- When the packaging quality of the cargo is not appropriate.
- No cover be provided if the damage occurs due to bankruptcy, liquidation, failure in the finances.
- Wear and tear of the goods in transit.
- No cover be provided if the loss occurs due to delay in the cargo; not all the insures cover extreme, unpredictable situations like war and strikes.
- Any loss or damage resulting due to insolvency.
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Marine Insurance Policy Claim Process
Here this selection we are provides Marine Insurance claim Process and Document required for online mode procedure:
- For claim intimation, the protected need to provide the insurance policy number as printed on the policy documents
Documents Required
- Claim bill
- Invoice
- KYC
- GR/LR
- Damage Certificate
- Monetary claim on the transporter
- Letter of subrogation
- Photographics
- NEFT Mandate duly filled & stamped by the bank
- Cancelled cheque with the name of the policyholder
- Account Number/ IFSC code
Best of Luck…