Documents Required For Marine Insurance

Claim Form

The initial and most vital document for a marine insurance claim procedure is the claim form. This form can be easily downloaded from the insurance provider’s website and must be filled out with detailed information about the insured party and the policy itself.

Essential information like the policy number, policy type, date, and other specific details regarding the incident leading to the claim need to proceed with accuracy. Accurate completion of the form is essential for the successful processing of the claim.

Correspondence Exchange

Copies of all the correspondence exchanged between the insured party and the insurance provider regarding the claim must be submitted when initiating a claims process. This includes emails, letters, and other forms of communication that document the discussions and agreements related to the claim.

Claim Bill

The claim bill is an estimated amount of the financial loss incurred by the policyholder. It should include detailed calculations and justifications for the claimed amount, providing the insurance company with a clear understanding of the compensation being sought.

Bill of Lading Copy

The Bill of Lading (BOL) is another essential document required for the processing of marine insurance claims. The carrier issues it to the shipper, where it acts as a receipt and provides details about the shipment, including the types of goods, quantity and destination. It plays a pivotal role in marine insurance claims by establishing the ownership and condition of the goods at the time of shipment.

Original Insurance Certificate

The marine insurance certificate is a vital document for the marine insurance claim procedure. It can also be presented as either an original or a valid copy of the original incense certificate.

This certificate is issued at the time of purchasing the policy, and it contains critical information such as the policy number, the coverage details, the inclusion of the policy and the exclusions under the coverage.

It serves as proof of insurance and verifies the coverage that is applicable to the claim under the insurance policy.

Original Invoice

Submission of the original invoice is absolutely crucial as it indicates the value of the goods and the financial loss incurred. This document, along with weight notes and a packing list, provides a detailed account of the shipment and supports the monetary claim for damages or losses.

Shipping Specifications

This document provides detailed information about the shipment, including the description of the goods, the packaging and the shipping instructions. It helps the insurance provider verify the specifics of the claim and ensures that the claim falls within the policy’s coverage.

Survey Report

A survey report is mandatory for supporting a marine insurance claim. It is conducted by a surveyor appointed by the insurance company. This report assesses the extent and cause of the damage or loss. A positive survey report proves that the insured is eligible for the claim, which helps facilitate the settlement in favour of the insured party.

Additional Documents

In some cases, additional documents like a monthly declaration of Transits, a carrier’s consignment note or damage or non-delivery certificate may be required.

Step 1: Assess the Damage Incurred

Before filing for a claim, it is important to thoroughly assess the damage or loss incurred during transit. Documenting the extent of the damage, listing any missing items, and identifying the cause, be it natural calamities or accidents, helps collect proof for the support of your claims.

Moreover, it can also help rule out any invalid immediate causes during claim processing.

Step 2: Inform the Insurance Provider

Promptly informing the inside provider about the incident is essential. Communicating the occurrence of the incident needs to be done within the specified timeframe in the policy. Failure to do so can lead to claim rejection due to delays.

Step 3: Evaluate Care Techniques

After informing the insurance provider, ensure all necessary steps to mitigate further losses are taken. Following proper care procedures is vital, as negligence on the part of the insured party can lead to claim rejection. Documenting these efforts can also help support your claim.

Step 4: Survey

The insurance provider will appoint a surveyor to evaluate the damage once they are informed of the incident. The surveyor will inspect the affected goods and evaluate the severity and cause of the damage to determine if it falls within the policy’s coverage. It is advisable to be transparent and cooperative during this inspection.

Step 5: Final Report

Once done evaluating, the surveyor will compile a detailed report of all the findings. Based on this report and the submitted documentation, the insurance provider will decide to approve or reject the claim. In case of theft, filing a police report is necessary, and a copy of the FIR should be included in the claim documentation.

To conclude, it is important to compile all the necessary documents for a marine insurance claim procedure to ensure the processing of the claim goes smoothly. In the face of substantial losses during transit, marine transit insurance can provide essential financial coverage for the financial losses sustained by the insured party.

Investing in marine insurance with reliable insurance providers like Tata AIG offers notable benefits. Not only does investing in a marine insurance policy protect from significant unexpected losses, but it can also help attract clients for policyholders who offer shipping services.

The wide range of benefits offered by a marine insurance policy in high-risk industries that are involved in transit is what makes it stand out as an essential financial shield.

Can losses for completely damaged goods be claimed under marine insurance?

Yes, losses for completely damaged goods can be claimed under marine insurance policies. However, it would require the submission of additional documents, like a damage certificate, during claims procedures.

What is PSL in marine insurance?

PSL stands for Per Sending Limit in marine insurance. It refers to the maximum amount the insurance provider will pay for claims related to goods in a single transit.