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
Marriage is built on shared dreams, countless compromises, and a commitment to protect each other through thick and thin. While love, trust, and communication form the emotional foundation of marriage, a little bit of financial planning doesn’t hurt either. This is exactly where spouse term insurance steps in — a simple yet powerful way to safeguard your future together.
Some aspects of health insurance remain unclear to insurance consumers. People frequently enquire about the requirements of co-payment as a key insurance element. To answer the question, co-payment is not mandatory in all health insurance plans. However, in some types of plans, or for people with higher risks, especially senior citizens, co-payment is essential for the policy to be issued.
If you’re planning to choose between a term life and a whole life insurance, this task is going to be tough. As Indians, we don’t generally understand the importance of life insurance coverage. Even if we do, the countless choices in the Indian insurance landscape end up overwhelming. However, an effective choice will depend on a range of factors. Your specific goals will highly affect what you pick for yourself.
Furthermore, both these plans can also largely vary depending on how much you wish to spend on an insurance plan. Besides goals, targets and the cost aspect, other factors will have to be taken into consideration before you can make the right choice about your preferred plan. If you are someone who wishes to opt for insurance plans sooner or later, this blog might help you out.
There is no question, in fact, that daughters bring a special kind of sparkle into our lives – along with an endless list of questions, a closet full of dresses, and some very specific birthday party themes. But beyond the laughter and everyday chaos, we need to understand that there is a real responsibility on our shoulders: making sure they grow to be healthy, strong, and ready to take on the world.
.png)
The first and foremost important fact that you must know is that you’ll not be allowed to drive the two-wheeler without proper insurance coverage. So, you must buy an insurance policy covering your bike as soon as you purchase it. Further, this type of insurance will not only save you from fines and other penalties for violating any law but will also cover your bike against any sort of wear and tear. So, if your bike is damaged due to an accident, theft, or any other unforeseen reason, the insurance provider will come to your rescue.
Speak to our Advisor
+91
