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
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.