4 min read
Updated on Jan 19, 2024
Marine insurance is a wide concept. Basically, it provides coverage for marine risks. It covers financial losses that may arise due to damage or loss of goods in transit on the hull, cargo, ships, terminals, or any transport or cargo. Marine insurance policy is very important for the financial integrity of the business that involves the shipping of goods. Choosing the right plan and knowing the claims procedure is essential to act on the event efficiently.
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.
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.
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.
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.
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.
Depending on the nature of the claim and other claim circumstances, some of the additional documents mentioned below may require to be submitted.
To conclude, it’s important to be aware of the claim procedures and formalities to experience the hassle-free claim process. Immediately filing the claim, disclosing the facts accurately, cooperating with the surveyor and insurance company, and submitting all the relevant documents are the key to the smooth flow of the claim process.
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.
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