Marine Insurance for Household Items

Importance of Marine Insurance for Household Items

It is important to purchase marine insurance policy for the manufacturers. Marine insurance for household goods provides coverage against unexpected loss or damage caused to the goods during the transportation from one place to another.

Coverage under Marine Insurance for Household Items

Marine insurance for household items provides coverage for the following:

• Marine insurance for household items provides coverage to the insured against loss or damage caused to the goods due to road accident, fire, stranding, etc.
• If the goods are being transported through sea then the damage caused due to sinking of ships is covered
• Loss or damage caused due to collision, derailment of land conveyance during the transportation is covered
• Jettison is covered
• Washing overboard is covered
• General average sacrifice salvage charges are covered
• Total loss of package during the journey
• Total loss of package during loading/unloading of the goods
• Expenses incurred when the cargo leaves port of distress

Exclusions under Marine Insurance for Household Items

Marine Insurance for Household Items does not provide coverage for the following:

• Any loss or damage caused intentionally by the insured
• Regular wear and tear of the household items will not be covered
• Loss of insolvency will not be covered
• Bad packaging that leads to damage of household goods during the transportation
• Loss due to bankruptcy, liquidation or collapse of finances will not be covered
• Loss or damage caused due to terrorist attack
• Loss or damage caused during the war, riots or strikes are not covered
• Loss incurred due to insolvency will not be covered

Claiming Process for Marine Insurance for Household Items

Follow the below mentioned claiming process to raise a claim:

• Inform the insurance company about the loss or damage caused
• If the insured cannot inform the insurer then anyone else on behalf of insured can do it
• In case any of the household goods has been extremely damaged then the insured can get a survey done and lodge a monetary claim
• In case the package goes missing then the insured can file an FIR for the missing package.
• Insurer can ask for an FIR while processing the claim
• Once the insurer finds everything in place, they will settle the claim within the specified period of time.

Marine Insurance for Household Items: Documents Required

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

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