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
Written By: PolicyBazaar - Updated: 23 May 2023
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Policybazaar for Business - Marine Insurance - Customer Reviews
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Based on 114 reviews
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3.8 April 20, 2023
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.
4.3 April 03, 2023
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.
4.3 March 17, 2023
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.
4.3 February 28, 2023
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
4.3 February 11, 2023
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.
3.8 February 10, 2023
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.
3.8 January 31, 2023
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.
3.8 January 21, 2023
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.
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.
3.8 January 01, 2023
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.