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

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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: 13 January 2023