Marine Insurance Claim Procedure in India and Required Documents for Claim Settlement
If you are in a business where you are using marine transport services for transferring goods and consignment, or you are the owner of ships or cargo, you must avail of marine insurance. Marine insurance policy insures cargo and vessels involved in transporting shipments through water routes. Know how to raise a marine insurance claim in this blog.
Marine Insurance Claim Procedure – An Introduction
1. Care to Minimize the Loss:
Corrective measures are the first step to be taken during the event to minimize the impact of loss or damage to goods. Reasonable care from the insured is one of the conditions in the marine insurance policy. It’s important to ensure the safety of carriers and third parties involved in the marine activity.
2. Approach the Insurer and Notify:
Immediately intimate the insurer about the loss or damage to goods along with the details of the incurred event. If the marine insurance policy was purchased through a broker or an agent, immediately inform them to understand the further course of action. The insurer will check if all the safety measures needed were taken while transporting the goods or not. This makes it easy for you to proceed with the claim. Once you place the claim, collect the formal acknowledgement from the insurer.
3. Inform the Shipping Company:
Simultaneously, it’s also important to inform the shipping company of the loss or damage of goods. In this case, also, formal acknowledgement is required to be received. It’s also important to ensure the facts of events are accurately and properly conveyed to the shipping company and as well as to the insurer. In case of non-delivery and theft, FIR also has to be lodged compulsorily.
4. Detailed Survey:
Upon receiving the claim notification, the insurer appoints a surveyor to do a site investigation at which loss or damage took place. Post his site examination, he is required to submit his findings to the insurance company. The insurance company’s further claim procedures will be based on the findings of the surveyor.
5. Submission of Documents on Time:
Immediate notification of loss or damage of goods and filing the claim makes it easier for investigation and to speed up the claim process. In most cases, there is a time limit of one year is given to file a suit against shipping companies from the date of discharge of goods. The time limits may also vary among insurers. Because placing the claim on time with all the necessary documents makes the marine insurance claim process hassle-free.
Documents Required for Marine Insurance Claim Settlement
- Original marine insurance policy or certificate – this evidence of insurance is the main document to get the claim settled. This carries all the details such as policy number, cargo details, and other terms and conditions applicable to the policy.
- Copy of bill of lading – This particular document issued by the shipper to the carrier provides every detail of shipments such as type, the number of goods, and its destination.
- Survey report or certificate including the detailed findings made on site.
- Commercial invoice and packing list along with weight notes or shipping specifications – purchase price of the goods can be established from commercial invoice. The packing list along with weight notes gives a breakdown of shipments made. Confirmation of term of sales makes it certain about the application of insurance interest.
- Copies of all the correspondence exchanged with the insurance company and shipping company.
- Claim bill.
Also Read: What are the Special Features of Marine Insurance Policy In India
Additional Documents Required for marine Insurance Claim Settlement
Depending on the nature of the claim and other claim circumstances, some of the additional documents mentioned below may require to be submitted.
- Consignment note
- Container damage report
- Vessel outrun report
- Tally sheets
- Carrier’s written confirmation of non-delivery of goods
- FIR (first investigation report) from the police department in case of theft
Author Bio
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
Latest Post
.jpg)
Choosing the best health insurance for parents as they grow older and become more prone to diseases is important. With medical costs on the rise in India, properly insuring your parents can help alleviate some of the financial strain. This will ease the burden of unforeseen medical emergencies.
However, choosing a good plan can be a tricky matter. There are many kinds of insurance policies available, you should consider their health situation and future needs and know about insurance policies in general. This guide explains what crucial points to take into account (including renewal processes, age, and health conditions ) and helps bring clarity to make educated decisions.
.jpg)
Even though motherhood is one of the most beautiful things in a woman’s life, it is also one of the most financially burdensome phases. Maternity insurance entails all forms of checkups, delivery and postnatal, and as such expenses can easily skyrocket.
Therefore, it becomes a worthy affair for expecting parents to incur the cost. Maternity insurance covers several expenses that are associated with pregnancy and assists in reducing the financial stress and offer assurance during this important time.
.jpg)
For a homeowner, insurance acts as an essential part wherein the protection of their assets is ensured. In this regard, appraisals in real estate work in tune with something called the 80% rule that is used for selecting a policy and at a rate. Loss can become an absolute if one cannot fathom what homeowner insurance is. This blog will discuss the range of the 80% rule and how it affects your premium.
For policyholders, medical insurance has been a contentious issue, especially on account of claim rejections or delays. However, the insurance industry is increasingly worried about the rise of tech-savvy fraud, where fraudulent medical claims are made using forged documents and sophisticated digital techniques.
Speak to our Advisor
+91
