Marine Insurance for FMCG Commodities

Importance of Marine Insurance for FMCG Commodities

It is important for manufacturers to purchase Marine Insurance for FMCG commodities as it provides financial coverage for the unforeseen loss or damage that might happen to the goods during the transportation. Marine insurance for FMCG also provides coverage for damages caused due to collision, reconditioning, etc.

Coverage under Marine Insurance for FMCG Commodities

Marine insurance for FMCG Commodities provides coverage for the following perils:

• Loss or damage caused due to fire, explosions, etc.
• Loss or damage caused due to sinking or stranding of carrier during the journey
• General average sacrifice salvage charges 
• Total loss of package during loading or unloading
• Total loss of package during the transportation
• Damage caused due to natural calamity
• Expenses incurred when the cargo leaves the port of distress
• Jettison and washing overboard during the transportation

Exclusions under Marine Insurance for FMCG Commodities

Marine Insurance for FMCG commodities does not provide coverage for the following perils:

• Any intentional damage caused is not covered
• Regular wear and tear is not covered
• Loss of liquidation, collapse of finances or bankruptcy are not covered
• Bad packaging that eventually damages the FMCG commodities are not covered
• Damages caused due to war, strikes, terror attack or riots are not covered
• Loss due to insolvency

Claiming Process for Marine Insurance for FMCG Commodities

Here is the claiming process for marine insurance for FMCG Commodities:

• Inform the insurance company
• If not then ask someone else to inform the insurer on behalf of insured about the damages
• If the damage is extreme then the insured can get a survey done and lodge a monetary claim.
• In case of a missing FMCG Commodity, the insured can file an FIR
• Once the FIR is filed the insured can show it to the insurer when asked

Marine Insurance for FMCG Commodities: Documents Required

Keep the following documents handy to submit along with the claim form while raising the claim:

• Insurance policy copy
• Survey report
• Claim bill
• Billing lading copy
• Documents copy exchanged with carrier
• Invoice with shipping specification