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

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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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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