Page 40 - Insurance Times January 2018 Sample

at the distress port which is also known as inland transit
insurance. Some marine insurance providers also cover
the risk of the loss of profit due to delay in delivery.

8. Marine insurance can also help the financiers
of the goods in transit
The financers such as banks and financial institutions
which may have financed the said voyage of the cargo
in return for interest can also take coverage under the
marine insurance. In cases where there is loss or
damage due to unexpected mishaps, these financers
have to suffer huge losses for which they can be
Bill of Lading / Air Waybill (AWB) / Guaranteed
indemnified under such policies.
Remittance (GR)
9. Can be bought and managed online Packing list
Now a days, insurers provide insurance facilitates online Copies of correspondence exchanged with carriers.
services that save your time and prevents paperwork.
Copy of notice served to the carriers along with
Online services have also enabled comparison of the
acknowledgment or receipt.
insurance policies offered by different insurers and
choosing the best one or altering it according to one's Shortage / damage Certificate issued by carriers.
business requirements. Y Survey fee should be paid to the surveyor appointed by
the insurance company, at the moment although; this
How Marine insurance policy can be fee will be refunded along with the claim if the claim is
helpful at the time of loss? admitted by the insurance company.
When one has Marine Insurance coverage, the following Y Additional Documents may be required depending upon
steps should be taken at the time of loss or damage: the nature and type of the loss that has occurred.
Y Taking immediate steps to minimize the losses.
Y Inform the nearest office of the marine insurance What all can be covered by marine
company or claim settling agent as mentioned in the insurance?
policy.
Y CARGO-Import/Export/Inland/Coastal shipments
Y In case of damage to goods as long as they are on ship
Y SHIPS HULL & MACHINERY with all its fittings
or port, arrange for joint ship survey or port survey.
Y Freight/ Other Earnings/ Charter rent
Y In case there is a Declaration Policy - the consignment
should be declared within the limit of balance sum that Y Ship's Builders Risk/ Ship's Dismantling Risk
is insured. Y On board Store, Provisions, Voyage preparation

Y In case of loss damage in transportation, a monetary expenses etc.
claim should be lodged with the carrier keeping the Y Duty Insurance
time limit in mind to protect the recovery rights.
Y Increased Value Insurance
Y Damage or Shortage Certificate must definitely be
taken from the carrier. What is the method of evaluation of the
Y In case any damage is feared in transit, open delivery marine insurance cover?
should be looked forward to. The carrier and their
The evaluation of the goods is done with subject to the
certificate should be obtained.
conditions of contract of sale of goods and accordingly
Y Submit duly assigned insurance policy certificate along insurance cover is decided. The marine insurance coverage
with the original invoice and other documents which are is proposed keeping in mind, the Cost, Insurance and Freight
required to validate the claim. Examples of such (CIF) along with a nominal extra 10%, taking care of
documents are: incidental expenses (Agreed Value).

40 The Insurance Times, January 2018

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