VMPL
New Delhi [India], May 13: The shipping business is an uncertain place to be, as sea perils can occur at any time, causing significant cargo loss and property damage. Here is where the role of marine insurance begins, as it compensates the insured for the value of lost goods or property.
However, to receive insurance assistance, you must file a claim with the insurance company and follow the procedure. Navigating the insurance claim process in marine insurance needs attention to intricate details.
Hence, we have compiled 5 essential tips to help you file a claim successfully and receive appropriate compensation for your losses.
Top 5 Tips to File a Marine Insurance Claim
When filing a claim for cargo insurance, it is essential to follow the designated steps and procedures as required by the insurance company. For example, you must submit the necessary documents, provide proof of damage, an estimate of losses, etc. While following these steps, keep in mind the tips mentioned below to raise a claim successfully.
1. Documentation of Loss- Documentation is the most crucial part of the marine insurance claim process. If, at any point in time, you sense something unusual with your cargo or insured property, it is wise to have it on record.
For instance, if you notice a dent, damage, or scratch on your goods or property, immediately click a photo and document it before taking any further steps. Make sure you cover the proof from all angles and save it to attach to your insurance claim.
2. Know the Policy Coverage Well- Before you set out on the path of filing an insurance claim, you must know the policy coverage well. Study the policy document to know the inclusions, exclusions, terms and conditions, etc. The coverage for cargo insurance may be different from that of inland marine insurance. Hence, awareness is the key to raising a successful claim.
Once you know the coverage details, you can claim the damages due to the covered perils without fear of your claim being rejected.
3. Keep the Insurer Informed- A grievous mistake that many policyholders make is not informing the insurer on time. Every insurance company has set time limits within which you should inform them about any incident for the claim to be admitted.
Hence, as soon as any damage or loss occurs, informing the insurance provider must be your priority. Reach out to the insurer through phone call, email, or any other medium and keep them in the loop at all times.
4. Prevent Additional Losses- During any accidental event, it is your (the insured’s) responsibility to minimise additional losses. If you fail to take the necessary measures to reduce further losses, the insurance company may reject your claim.
For example, one may think of writing off the goods damaged during transit. However, the surveyor may suggest you repair the salvageable items or sell the damaged goods in an auction to recover whatever is possible.
5. Provide Valid Documents- Documents play a key role in the acceptance of your insurance claim. After the surveyor completes the inspection, the insurance company will verify the documents you submit. It helps them to determine the extent of loss, value of the damaged goods, and all other relevant information related to the claim. Hence, providing verifiable documents is crucial for a favourable outcome of the claim.
Some important documents that you must submit include the insurance claim form, original insurance certificate, bill of landing, original invoice, survey report, correspondence exchange, claim bill, etc.
The Dont’s While Filing an Insurance Claim
Here are some things to avoid when filing a marine insurance claim:
* Non-maintenance of the vessel
* Mistakes when filing a claim
* Filling an incomplete claim form
* Raising a claim for an incident that is not covered
* Providing misleading information or facts
The Key to Minimising Marine Losses: TATA AIG Marine Insurance
While the insurance claim process is an intricate one, you can navigate it smoothly by following the tips mentioned above. Paying attention to details, documentation, communication with the insurer, etc., are the key elements that increase the chances of a successful claim outcome.
The insurance claim process can indeed be intimidating. But with marine insurance plans from TATA AIG, you never have to deal with confusing and lengthy claim processes. They offer various types of marine insurance plans that are affordable and have simple and minimal claim procedures, which takes the burden off your mind.
They offer a variety of insurance solutions to protect your vessel, cargo, etc., as per your business needs. Their insurance plans cover damage due to natural calamities, theft, war, strikes, fire, explosion and many other incidents, providing you with comprehensive coverage.
Their professional and proactive team is always on the go to help you with tailor-made marine solutions and swift claim enquiries.
https://www.icicilombard.com/business-insurance/blogs/essential-tips-filing-cargo-insurance-claims
https://www.policybazaar.com/corporate-insurance/articles/documents-to-submit-along-with-claim-form-in-marine-insurance/
https://blog.pazago.com/post/cargo-insurance-claims-checklist
https://vervologistics.com/blog/how-to-file-successful-marine-cargo-insurance-claims
https://www.tataaig.com/s3/marine_hull_and_machinery_prospectus_62ea8fbff1.pdf
https://www.bimakavach.com/blog/explain-the-claim-settlement-process-in-marine-insurance/
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