Marine Insurance

Different Contingencies
Marine insurance falls under commercial insurance. The policy is taken to reduce business risks. It caters to small scale business organizations to large corporates. Policy does not cover loss or damage due to willful misconduct, ordinary leakage, improper packing, delay, war, strike, riot and civil commotion.

Marine import transit insurance

Marine export transit insurance

Marine inland transit insurance

Marine Hull

Calculation of Marine Insurance Amount/Premium

Amount of premium depends on factors like nature of cargo, scope of cover, packing, mode of conveyance, distance and past claims experience. Premium can be paid on a monthly/quarterly/half-yearly/yearly basis.

Marine Insurance Claim Procedure
Marine insurance falls under commercial insurance. The policy is taken to reduce business risks. It caters to small scale business organizations to large corporates. Policy does not cover loss or damage due to willful misconduct, ordinary leakage, improper packing, delay, war, strike, riot and civil commotion.

In case of loss/damage in transit, a monetary claim should be lodged with the carrier within the time limit to protect recovery rights

Appointment of surveyor or claim representative in agreement with the insurer to determine the nature, cause and extent of
loss/damage

The surveyor informs the insurer of the approximate value of loss incurred

The claim procedure takes from one to three weeks

Documents Required For Marine Insurance Claim

Original Invoice & packing List - if forming part of Invoice

Document of declaration of consignment

Damage Certificate from the carrier