Marine Insurance for Non Hazardous Chemicals

Importance of Marine Insurance for Non-hazardous Chemicals

It is important to purchase of the seller of non-hazardous chemicals. As they might not be hazardous but they can cost higher than any other commodity and in order to protect them against any unexpected loss or damage caused during the transportation. Also, these non-hazardous chemicals might not be hazardous for the humans physically or health wise but they can prone to explosions if caught fire and causes damage.

Coverage under Marine Insurance for Non-hazardous Chemicals

Marine insurance for non-hazardous chemical provides coverage for the following perils:

• Loss or damage caused due to fire accident.
• Loss or damage caused due to explosions, road accidents, stranding, etc.
• Marine insurance covers loss of non-hazardous chemicals due to collision of two vehicles, derailment of land conveyance, etc.
• General average sacrifice salvage charges
• Jettison coverage
• Sinking of ship if the chemicals are being transported through sea
• Total loss of chemical container during the transportation
• Total loss of chemical container during loading/unloading
• Washing overboard coverage is provided
• If the cargo that is carrying the chemical container leaves a port of distress

Exclusions under Marine Insurance for Non-hazardous Items

Marine Insurance for Non-hazardous Items does not provide coverage for the following perils: 

• Any loss or damage caused by the insured intentionally
• Loss of insolvency 
• Bad packaging that causes leakage of the chemicals
• Regular wear and tear 
• Loss or damage caused due to war, strikes, riots, etc.
• Loss or damage caused during a terrorist attack
• Loss or damage caused due to collapse of finances, liquidation, bankruptcy, etc. 

Claiming Process for Marine Insurance for Non-hazardous Chemicals

Follow the below mentioned steps to raise the claim under marine insurance for non-hazardous chemicals:

• Inform the insurer about the loss or damage caused to the container of chemicals during the journey
• If the insured cannot then anyone else can inform the insurer on behalf of the insured
• In case the container of the non-hazardous chemical goes missing the insured can file an FIR
• Insurance company can ask the insured to submit the FIR, in case of missing package or theft.
• Once the insurer is satisfied, the claim will get settled within the specified period of time

Marine Insurance for Non-hazardous Chemicals: Documents Required

Keep these documents ready as you will have to submit them with the claim form while raising the claim:

• Copy of insurance policy
• Billing lading copy
• Survey report
• Claim bill
• Invoice with shipping specification
• Documents copy exchanged with the carrier