Marine Insurance Policy is a type of Insurance Policy that helps to protect the interest of the policyholder if there is damage to the goods or even the vessels. The marine insurance protects its policyholders from the point of dispatch to the final destination. From loading the cargo in the vessel to the unloading of the cargo in the final destination. If something happens to the cargo in between, the marine insurance policy covers the customer. In this article, we are going to discuss if anything happens to the cargo how to make a marine insurance claim and what is its procedure.
How to Make a Marine Insurance Claim?
To claim a Marine Insurance you have to follow some steps. By doing it properly you can claim the loss. The steps are given below.
Step 1. Give Notice to the Insurance Company
The first step of making a Marine Insurance Claim is to inform the Insurance Company about the loss. If there is any loss or damage of goods first inform the insurance agent or you can directly inform the insurance company about the loss.
Step 2. Taking care of the goods
The important condition of Marine Insurance is to take care of the goods properly. You have to act like the good are uninsured. You have to take care of the goods properly so that there is a minimum amount of loss.
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Also, you have to make sure all the rights against the carriers, baileys are under protection.
Step 3. Surveying the goods properly
The next step in the procedure is Survey and claim. When you are taking the delivery of the goods if you see any loss or damage in the package from outside call the ship surveyor. The ship surveyor will come and check the cargo properly. For this work, you can also appoint a certified marine surveyor. After the survey, you should lodge a claim with the shipping company. They are the responsible party and they have to pay for your losses.
Step 4. If the package is fine from the outside
This is another condition in making a marine insurance claim. Sometimes the package may be fine from the outside but when you take it home and open it you find that there is damage. In this type of situation, you should immediately call the insurance company and the ship surveyor. You should not open the package any further. You should wait until the surveyor arrives and sees the damage all by himself. This is very important to get a claim.
Step 5. If there are packages missing
If any packages are missing then you should complain and claim with the insurance company and the shipping company for the loss of the package. You should make sure that you receive an acknowledgment from them about the missing package. The acknowledgment is very important to get a claim.
Step 6. You should make a claim timely
There is a time limit for making a claim. Usually. It is around one year from the date of dispatch. But it depends on the company. So check the policy papers carefully and make a claim accordingly.
In this way, you can make a claim. Now let us see what kind of documents you need to make a claim.
Documents that you need
When you are going to make a marine insurance claim you need some documents to get the claim. You have to submit the following documents to the insurance company. They are:
Original insurance Policy or Certificate
You have to submit the original insurance policy paper at the time of making the claim. The policy paper will give the company assurance that you are the original owner of the cargo.
Copy of Billing Lading
It is a receipt from the shipping company. This billing lading shows the amount of cargo the shipping company has received.
Report of Surveyor Missing certificate
At the time of receiving if you have received goods in damaged condition, the shipping company is going to survey it. The ship surveyor is going to give you a survey report. The survey report contains the type of damage the container has. If there is any package missing the surveyor will also mention in this certificate.
Original Invoice and Packing List
This is another major document you will need to make a marine insurance claim. You also have to submit the original invoice and the packaging list of your goods to the insurance company at the time of the claim.
Copies of Correspondence
You also have to submit the correspondence copies that you have got from the shipping company.
Claim Bill
Lastly, you have to estimate the loss. After calculating the loss, submit it with the other papers to the insurance company.
Read Also: Here Are 12 Major Types Of Marine Insurance Policies!
Important points to remember while making a marine insurance claim.
- The insurance amount should be 110% of the cost of the goods. There is a profit margin of 10%. You have to keep that in mind while making a claim.
- You have to make the insurance paper before the date of shipping.
- The claim amount should be in the same currency to avoid fluctuation in currency.
- The document of the insurance policy is issued by the Insurance Company. The document by the broker is of no use.
Final Words
So these were the steps you need to follow to get a marine insurance claim. Remember that the insurance company will always try to find a way not to pay you. So be careful. Collect all the relevant documents and keep them safe. If you fail to provide a document the insurance company will not pay you for your damages. Take receipts from everyone from the time of dispatch to receiving. Carefully check the packages and claim on time. If you like this article share it with your friends. If you still have doubts then comment in our comment box below. We will try to answer your queries as soon as possible.
