Marine Insurance

Why Marine Insurance is Important?

Like any other insurance, marine insurance policies also provide coverage for unfortunate events such as accidents, property damage, and damage to the environment. While we talk about ships, the stakes are high as the loss is related to the damage in expensive ships and valuable cargos. Additionally, the environmental damage is also high due to oil pollution which consequently results in the loss of the lives of seafarers. Some advantages of having marine insurance in India are:Comprehensive Coverage against All Risks Related to Marine: A marine insurance plan offers comprehensive coverage against all potential risks related to marine accidents.

Unfortunate Situation Or Accident.

Freight Insurance: It is to provide an extra layer of safety to the merchant vessel’s corporations for the situations of cargo loss due to an unfortunate event. This type of marine insurance is required by the companies that are facing monetary losses because of accidents and other unprecedented
situations.

Marine Insurance Claim Process

The marine insurance claim process is no different than claim process of any other type of insurance; the basic steps for the same are given below: An insured is first needed to inform the insurance provider regarding the claim either by going to the nearest branch of the insurance provider or calling the claim representative of the insurance provider.If the damage or loss has occurred to the goods of the ship while they are on the port or on the ship,then the insured has to arrange a joint ship survey or survey of the port.After that the policy documents or certificate that have previously been issued to the insured at the time of taking the policy. Apart from these, the policyholder also needs to give the original invoice and other documents that can be required to authenticate the claim.

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