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: When you will inform the insurer, 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.

Documents Required for Marine Insurance Claim Settlement

Here is a list of documents that you will have to submit along with the claim form to get your marine insurance claim settlement:

• Original Invoice
• Shipping Specification
• Claim Bill
• Survey Report
• Original Insurance Certificate
• Correspond Exchange
• Copy of Billing Lading

Marine Insurance Claim Settlement: Common Challenges

Navigating the settlement of a marine insurance claim is no simple task, often accompanied by various hurdles for insurers and policyholders alike. Here's a breakdown of some of the most prevalent challenges you might have to face during marine insurance claim settlement process.

• Disputes over Liability: Determining liability can become a sticking point in claim settlements. Debates often arise between insurers and policyholders regarding who bears responsibility for the loss or damage, potentially leading to prolonged settlement processes and the need for legal intervention.
• Delays in Investigation: Thorough investigations are essential for assessing the cause and extent of the loss or damage. However, these inquiries can be time-consuming, particularly in cases involving remote locations or complex circumstances, resulting in delays in the settlement process.
• Issues with Documentation: Comprehensive documentation is vital for verifying claims and determining suitable settlements. Yet, obtaining necessary documentation may pose challenges, especially if losses occurred abroad or involved multiple parties, complicating the verification process.
• Disputes over Settlement Amount: Disagreements over the appropriate compensation for losses can further stall settlements. Insurers and policyholders may clash over settlement figures, leading to negotiation and potential legal intervention to reach resolution.

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.