Detailed Description of Making a Marine Insurance Claim Outlined by Commercial Policyholder Attorney Bill Voss

Making that Marine Insurance Claim

Marine indemnity policies cover shipments by ocean against all risks. Most people don ’ triiodothyronine in truth bother knowing about this type of insurance. however, when you need to make a claim, you will most likely be at a personnel casualty on how to go about it. here are some all-important things you need to know about nautical indemnity that will come in handy when you need to make a call .

Insurance Provided by Carrier

While the ship course carrying the dispatch may be held liable in subject your dispatch is damaged, its indebtedness is limited and it will only be held liable if it caused the price. frankincense, it is still advisable to obtain extra coverage on top of what the carrier provides .

Types of Policies

• Specific policy only covers a single consignment.
• Marine Open Policy is valid for one year and it covers frequent dispatches within the country.
• Marine Open Cover is also valid for one year and it covers frequent dispatches outside the country, both imports and exports.
• Marine Sales Turnover Policy.

Who Pays for It

The buyer pays the premium for Free on Board and Cost and Freight arrangements.
The seller pays the premium in a cost, Insurance and Freight arrangement .

Amount of Premium and Sum Insured

The sum insure depends on the type of abridge. On top of the contract value, an come is besides allotted for incidental expense costs.

The premium can be paid on a monthly, quarterly, semi-annual or annual basis. Its come will depend on the keep up factors :

• Scope of the coverage
• Mode of conveyance
• Past claims experience
• Nature of cargo
• Packing
• Distance

Exclusions

The following risks are normally not covered by marine indemnity :

• Ordinary leakage
• Delay
• Inherent vice
• Strike
• Civil commotion
• Willful misconduct
• Insufficient or unsuitable packing
• Insolvency of owners
• War
• Riot

Marine Insurance Claim

here are some coarse steps you need to undergo when you make a marine policy claim :

• Take immediate steps to minimize damage or loss.
• Report the occurrence to the nearest office of the insurance company or claim settling agent specified in the insurance policy.
• If the damage occurs while the shipment is on ship or at a port, arrange for a joint ship or port survey.
• File your insurance claim within the time specified in your policy.

A surveyor picked by both the insured and the insurance company will determine the nature, causal agent and extent of the loss or wrong. He will relay the approximate value of the loss or damage to the insurance company .
Be quick with the following to support your title :

• Insurance policy
• Original invoice
• Declaration of Consignment
• Packing list
• Notice served on carrier with corresponding receipt or acknowledgment
• Survey fee for the surveyor appointed by the insurer. You may need to advance this amount but it will be reimbursed by the insurer if your claim is approved.
• Bill of Lading
• Correspondence with carriers
• Shortage or Damage Certificate issued by carriers.

The insurance company will need around one to three weeks to process the title .