Specific Transit Insurance Claim Process at a Glance

Business is all about taking risks. But, if your business involves transporting goods or cargo from one place to another, the risk involved increases many folds. Be it the turbulent sea, worn-out railway tracks, damaged, unpredictable roads due to bad weather, etc., the dangers are numerous. Thus, choosing the right marine insurance plan and being aware of the claims procedure is an essential element. In the below article we share simple steps to follow for specific transit insurance claim processes.

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Specific Transit Insurance Claim Process

Accidents can sometimes be inevitable. However, it is to be noted that proper care should be taken to avoid accidents or mishaps that may lead to losses. Taking appropriate measures by the insured is the first step that needs to be taken to minimize the impact of damage or loss. The insured, apart from purchasing a cargo insurance, should also ensure the safety of the carriers to avoid or minimize loss during transit.

In case of an unforeseen, unfortunate event, follow these simple steps to expedite the specific transit insurance claim process.

Step 1: Transportation Initiation: Start transportation after policy commencement within its tenure.

Step 2: Claim Notification: Immediately inform insurer/broker about the claim.

Step 3: Claim Reference and Surveyor: Receive claim reference and surveyor details or a Letter of Requirement (LOR).

Step 4: Document Submission: Submit necessary claim-related documents as per LOR.

Step 5: Evaluation and Status: Await evaluation; get status update or pending requirements.

Step 6: Claim Assessment: If documents align, receive assessment based on policy terms.

Step 7: Consent and Documentation: Confirm assessment consent; provide NEFT docs if needed.

Step 8: Payment Processing: Insurer transfers approved claim payment via NEFT, credited in 3-4 days.

Documents Required for Specific Transit Insurance Claim Process

Correct and timely documents should be submitted to the insurance company to make sure that the claims under specific transit insurance or marine cargo insurance are accepted. If due care is not taken to submit all the documents at the earliest, there may be a risk of your claim getting rejected. Some of the documents include:

Duly filled claim form

Police report (if applicable)

Original policy document

Copy of bill of lading

Survey report

Commercial invoice

Packing list

Transport Agreement

Claim Bill

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Type of Cover

Single Transit

Annual Open

Where will your products be shipped to?

Inland

Import

Export

Specific Transit Insurance Claim Process at a Glance