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

A specific transit insurance policy offers coverage for goods or cargo carried through various modes of transport. It protects goods in transit for a single trip from wide-ranging risks that include damage to the cargo due to fire, explosion, lightning, earthquake, sinking, vessel accidental damage, risks encountered at the time of loading or unloading of goods, etc.

The top advantage of this insurance policy is that it is customized easily as per business requirements. Also, the sum insured for specific transit insurance is usually dependent on the agreed price between the insurer (insurance company) and the insured.

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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: Approach and notify the insurer immediately

The insured should immediately inform the insurance company about the damage or loss of goods. To know the further course of action, intimation must be given to the agent (if the policy is purchased from the agent). The insurer will then check if all reasonable safety measures were taken whilst transporting the goods. Once the claim is placed, the insured should collect the formal acknowledgement from the insurer.

Step 2: Inform the forwarder or the transporter

Similarly, it is vital to inform the forwarder or the shipping company of the damage or loss of goods. In case of theft or a vehicular accident, the shipping company should immediately lodge an FIR with the police.

Step 3: Work with surveyors for detailed survey

Once the claim notification is received, the insurer then appoints a surveyor to investigate the incident. The insured should work closely and the surveyor and co-operate with him at every step. Post the investigation, he submits his findings to the insured. The further steps of the insurance company’s claim process are based on these findings.

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 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

Conclusion

For experiencing a hassle-free claim process, it is important to be informed of the claim procedures and formalities. In a nutshell, immediate notification and filing of the claim, cooperation with the surveyor and insurance company, disclosing all the facts accurately, and submitting relevant documents are vital to the smooth flow of the claim.

Written By: PolicyBazaar - Updated: 28 December 2022