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 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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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: 17 November 2023

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Policybazaar for Business - Marine Insurance - Customer Reviews
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Based on 114 reviews
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3.8 April 20, 2023
Anas
Great Experience
I recently purchased Marine insurance from Policybazaar for my shipping business and I must say I am thoroughly impressed with their service and coverage. From start to finish, the experience has been smooth and hassle-free.Thankyou.
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4.3 April 03, 2023
Vaishnav
Provides Comprehensive Protection
When it comes to coverage, Marine insurance that i bought from PolicyBazaar has exceeded my expectations. It provides comprehensive protection for my cargo and vessels during transit, ensuring I can focus on my business operations with peace of mind. Thankyou.
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4.3 March 17, 2023
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I highly recommend Marine insurance from PolicyBazaar website to anyone in the shipping or logistics industry. Their user-friendly website, comprehensive coverage, and excellent customer service make them stand out from the competition. With Policybazaar, I feel confident in navigating the high seas, knowing that my business is well-protected. Thank you, Policybazaar.
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4.3 February 28, 2023
Vishal
User Friendly Interface
The website's user-friendly interface made it easy to compare different plans and find the perfect fit for my business needs.Thanks
Gurugram
4.3 February 11, 2023
Parth
Prompt Services
I appreciate the transparency and honesty with which Policybazaar handled my claims. They were prompt in processing my claim and their claim settlement process was hassle-free.Thanks PolicyBazaar.
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3.8 February 10, 2023
Rishabh
Exceeds Expectations
I recently had the pleasure of purchsing marine insurance from Policy bazaar website and I must say it has been an outstnding experience from start to finish. I am thrilled to share my positive customer review, as this truly exceeded my expectations. Thanks PB.
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3.8 January 31, 2023
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Easy Navigation
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3.8 January 21, 2023
Vishal
Excellent Support
The customer service provided by Policy bazaar was decent. Their team was responsive, knowledgeable and went above and beyond to assist me at every step. Their professionalism and commitment to customer satisfaction were truly commendable.Thankyou.
Mumbai
4.3 January 11, 2023
Sanjeev Rathor
Efficient Process
When it came to claims processing, Policy bazaar demonstrated remarkable eficiency and effectivenes. I had an unfortunate incident during the coverage period and filing a claim was a breeze. The entire process was streamlined and their team guided me throuugh every necssary step, making it hassle-free. The promptness with which my claim was setled reflected their commitment to their customers' well-being and peace of mind. Thankyou.
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3.8 January 01, 2023
Kunal
Comprehensive Coverage
I must mention the comprehensive coverage provided by the marine insurance policy I purchasd through Policy bazaar. It offered me the necesary protection and peace of mind. Thankyou PolicyBazaar.
Indore