Simplified Marine Insurance Claim Process

Claim Process under Marine Insurance

When it comes to filing a claim for your marine insurance policy via Policybazaar, follow these straightforward steps:

• Transportation Start: Your coverage begins once the policy is active, and the transportation must occur within the policy's duration to be eligible for coverage.
• Notify the Insurer: In the event of a claim, promptly inform the insurer or broker. You will receive a claim reference number, and if necessary, details of an appointed surveyor, or an LOR (Letter of Requirement) for further processing.
• Submit Required Documents: Provide the necessary claim-related documents as specified in the LOR.
• Document Verification: After receiving your claim documents, the surveyor or insurer will review them and communicate the status or any pending requirements.
• Claim Approval: If all documents are in order, the insurer or surveyor will assess the claim based on the provided information and policy terms. Your consent and any additional NEFT documents, if requested, should be shared.
• Claim Settlement: Once the insurer processes the claim payment via NEFT, it typically takes 3-4 working days for the funds to be credited to your account.

Conclusion

Understanding the marine insurance claim process is a vital aspect of safeguarding your shipments. With these clear and concise steps, you can navigate the process with confidence, ensuring that your cargo is protected and that you receive the support you need when it matters most. Policybazaar's streamlined approach to marine insurance claims ensures that you can focus on your business while knowing that you have a reliable partner to turn to in case of any unforeseen events during transportation.