Marine Insurance for Iron & Steel Rods, Metal Pipes, Tubes

Iron, steel rods, metal pipes and tubes are excessively used items in the constructions sites. However, while transporting these items from the manufacturing plant to the buyer’s location, several risk get involved. To cover those unforeseen risks, insurance companies offer different types of marine insurance plans that financially protect the insured.

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Protect your goods from losses or damages just ₹500*
₹10 lakh cover @ ₹591/transit*

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Importance of Marine Insurance for Iron & Steel Rods, Metal Pipes, Tubes

It is important for the manufacturers of these items to purchase marine insurance policy as it covers all kinds of risks that could happen between the point of origin and destination. Marine insurance not only provides cover for the transportation through sea but also rail, road and air. Marine insurance for Iron, Steel rods, Metal pipes and Tubes provides coverage for perils like explosion, collision, natural calamities, etc.

Coverage under Marine Insurance for Iron & Steel Rods, Metal Pipes, Tubes

Marine insurance for Iron, Steel rods, Metal pipes and Tubes provides coverage for the following:

  • Damage caused due to fire, sinking and stranding are covered
  • Expenses incurred due to collision, derailment of land conveyance or overturning during the transportation are covered
  • Jettison and washing overboard 
  • If the cargo leaves a port of distress that incurs some kind of expense
  • Natural calamity such as earthquake or lightning that caused damage during the transportation
  • General average sacrifice salvage charges are covered
  • Total loss of goods are also covered

Exclusions under Marine Insurance for Iron & Steel Rods, Metal Pipes, Tubes

Marine insurance for Iron, Steel rods, Metal pipes and Tubes does not provide cover for the following:

  • Bad packaging quality leading to any further damage to the Iron, Steel rods, Metal pipes and Tubes are not covered
  • Intentional loss or damages caused to the Iron, Steel rods, Metal pipes and Tubes are not covered
  • Bankruptcy, liquidation or collapse of funds are not covered
  • Loss of insolvency is not covered
  • Some insurers do not cover damage caused due to war, strikes, riots, etc.
  • Regular wear and tear of Iron, Steel rods, Metal pipes and Tubes are not covered

Claiming Process for Marine Insurance for Iron & Steel Rods, Metal Pipes, Tubes

Have a look at the claiming process mentioned below:

  • Inform the insurance company about the loss and damage
  • If insured cannot inform the insurer then anyone on his behalf can do it
  • In case of extreme damage caused to the Iron & Steel Rods, Metal Pipes, Tubes at the time of delivery, the insured can ask for a thorough survey and lodge a monetary claim
  • If any of the Iron & Steel Rods, Metal Pipes, Tubes goes missing then policyholder can file an FIR because the insurer would ask for an FIR as it is a case of theft.

Marine Insurance for Marine Insurance for Iron & Steel Rods, Metal Pipes, Tubes: Documents Required

Insured need to submit the following documents along with the claim form to raise the claim:

  • Copy of the policy
  • Survey report
  • Billing lading copy
  • Claim bill
  • Original invoice along with the shipping specification
  • Copy of letters that were exchanged with the carrier
Written By: PolicyBazaar - Updated: 13 January 2023