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Marine Insurance

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

  1. Original Invoice & packing List - if forming part of Invoice
  2. Document of declaration of consignment
  3. Damage Certificate from the carrier

The farmer must furnish area sown confirmation certificate, if required.

Source

1. http://www.surfindia.com/finance/marine-insurance.html
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