Marine Insurance for Machine Tools & Spares Industry

In order to send the machine tools and spare parts to factory owners, the manufacturers have to transport them by trucks, ships, cargo planes or trains, and several risks get involved in this process. This is where marine insurance for machine tools and spare industry comes in as it provides coverage for the unforeseen damage caused to the machine tools and spare parts during transportation.

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Importance of Marine Insurance for Machine Tools & Spares Industry

It is important for the manufacturers of machine tools and spares industry to purchase a marine insurance policy. Marine insurance for machine tools and spares industry provides covers the insured from unexpected loss or damage caused during the transportation of the machine tools and spares from one point to another. Not just this but insurers also provide coverage for several other perils such as collisions, reconditioning costs, jettisons, etc.

Coverage under Marine Insurance for Machine Tools & Spares Industry

Marine insurance for machine tools and spares industry provides coverage for the following:

Marine insurance for machine tools and spares industry provides coverage against damages caused due to fire, explosion, stranding or sinking during the journey
Expenses incurred in overturning, collision or derailment of land conveyance during the journey are covered
Expenses incurred in a situation where the cargo leaves from a port of distress
Damage caused due to natural calamities such as lightning or earthquake
Scenarios like jettison and washing overboard are also covered
General average sacrifice salvage charges are covered
Total loss of package whether dropped while loading/unloading or overboard

Learn more about Marine Insurance

Annual open Policy

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Single Transit Policy

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Sales turn over Policy

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Transit Insurance

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Marine Insurance

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Cargo Insurance

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Exclusions under Marine Insurance for Machine Tools & Spares Industry

Marine Insurance for Machine Tools & Spares Industry does not provide cover for the following:

No coverage is provided for intentional loss or damage
In case of bad packaging quality of the machine tools and spares
Loss due to liquidation, bankruptcy or collapse of finances
Regular wear and tear of machine tools and spares are not covered
Several insurers do not provide cover for damage caused due to extreme situations like war, riots, strikes, etc.
Loss due to insolvency is not covered

Claiming Process for Marine Insurance for Machine Tools & Spares Industry

Have a look at the claiming process mentioned below:

Inform the insurer about the damage and if the insured cannot inform the insurer at the moment then anyone on the insured’s behalf can inform the insurer
If any of the goods get extremely damaged at the time of delivery then the Insured can get a thorough survey done by the surveyor as well as lodge a monetary claim
If any of the packages go missing then the insured can file an FIR because the insurer might ask for a police report as the claim is related to theft.

Marine Insurance for Machine Tools & Spares Industry: Documents Required

Here are the following documents that the insured has to submit along with the claim form to raise the claim:

Copy of insurance policy
Billing lading copy
Survey report
Claim bill
Copy of the documents exchanged with the carrier
Original invoice with shipping specification

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Policybazaar for Business - Marine Insurance - Customer Reviews

View all 114 reviews

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4.3

out of 5

Based on 114 reviews

14 users

87 users

13 users

0 users

0 users

3.8 April 20, 2023

Anas

Great Experience

I recently purchased Marine insurance from Policybazaar for my shipping business and I must say I am thoroughly impressed with their service and coverage. From start to finish, the experience has been smooth and hassle-free.Thankyou.

Mizoram

4.3 April 03, 2023

Vaishnav

Provides Comprehensive Protection

When it comes to coverage, Marine insurance that i bought from PolicyBazaar has exceeded my expectations. It provides comprehensive protection for my cargo and vessels during transit, ensuring I can focus on my business operations with peace of mind. Thankyou.

Assam

4.3 March 17, 2023

Umang

Excellent Services

I highly recommend Marine insurance from PolicyBazaar website to anyone in the shipping or logistics industry. Their user-friendly website, comprehensive coverage, and excellent customer service make them stand out from the competition. With Policybazaar, I feel confident in navigating the high seas, knowing that my business is well-protected. Thank you, Policybazaar.

Chennai

4.3 February 28, 2023

Vishal

User Friendly Interface

The website's user-friendly interface made it easy to compare different plans and find the perfect fit for my business needs.Thanks

Gurugram

4.3 February 11, 2023

Parth

Prompt Services

I appreciate the transparency and honesty with which Policybazaar handled my claims. They were prompt in processing my claim and their claim settlement process was hassle-free.Thanks PolicyBazaar.

Noida

3.8 February 10, 2023

Rishabh

Exceeds Expectations

I recently had the pleasure of purchsing marine insurance from Policy bazaar website and I must say it has been an outstnding experience from start to finish. I am thrilled to share my positive customer review, as this truly exceeded my expectations. Thanks PB.

Jamshedpur

3.8 January 31, 2023

Arvind

Easy Navigation

The ease of navigating the Policy bazaar website and finding the right marine insurance policy was impressive. The website's user-friendly interface and intuitive design made it incredibly simple to compare various options, understand the coverage details and make an informed decision. I appreciated the transparency provided throughout the process. Thanks.

Ajmer

3.8 January 21, 2023

Vishal

Excellent Support

The customer service provided by Policy bazaar was decent. Their team was responsive, knowledgeable and went above and beyond to assist me at every step. Their professionalism and commitment to customer satisfaction were truly commendable.Thankyou.

Mumbai

4.3 January 11, 2023

Sanjeev Rathor

Efficient Process

When it came to claims processing, Policy bazaar demonstrated remarkable eficiency and effectivenes. I had an unfortunate incident during the coverage period and filing a claim was a breeze. The entire process was streamlined and their team guided me throuugh every necssary step, making it hassle-free. The promptness with which my claim was setled reflected their commitment to their customers' well-being and peace of mind. Thankyou.

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3.8 January 01, 2023

Kunal

Comprehensive Coverage

I must mention the comprehensive coverage provided by the marine insurance policy I purchasd through Policy bazaar. It offered me the necesary protection and peace of mind. Thankyou PolicyBazaar.

Indore

114 Review Item

Disclaimers⁺
*Savings of 42% are based on the comparison between the highest and lowest premiums for a Rs 50 lakh sum insured under Inland Transit Clause B or Institute Cargo Clause B for single transit cover of auto spare parts with shipment type of Inland(Domestic) and road as mode of transport. Premium varies on the basis of Occupancy, Business Activity & Coverage Type
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The details of insurance coverage, inclusions and exclusions are subject to change as per solutions offered by insurance providers. The content has been curated based on the general practices in the industry. Policybazaar is not responsible for the factual correctness of these details.