Marine insurance falls under commercial insurance. The policy is taken to reduce business risks. It caters to small scale business organisations 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.
Different types of Marine Insurance are available:
Marine import transit insurance
Marine export transit insurance
Marine inland transit insurance
Marine insurance claim procedure
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:
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
The farmer must furnish area sown confirmation certificate, if required.
List of Some of Insurance Companies Offering Marine Insurance:
