Chola MS Marine Insurance
Marine Insurance is one of the general insurance products offered by Chola MS, which is a leading insurance provider in India. The company offers various insurance products for both individuals and corporates. It is a joint venture between the Murugappa Group and Mitsui Sumitomo Insurance Company Limited, Japan.Read more
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Chola MS Marine Insurance: Inclusions
Chola MS Marine Insurance policy provides coverage for the following perils:
- Marine insurance policy provides coverage for loss of or damage to insured property caused by specific events.
- The events covered include fire perils, sea perils, explosion, theft by persons from outside the vessel, jettison, piracy, breakdown or accidents in nuclear installations, contact with other objects, earthquakes, volcanic eruptions, and lightning.
- The policy also covers accidents that occur while loading, unloading, or shifting cargo or fuel.
- Damages caused by bursting boilers, machinery or hull defects, negligence of the crew, repairers, or charterers, and barratry of Master Officers or Crew are also covered.
- The loss or damage should not be due to negligence by the owner or manager.
- Master Officers Crew or Pilots holding shares in the vessel are not considered owners under this policy.
- This insurance policy also provides coverage for loss or damage to the Vessel caused by government actions to prevent pollution hazards resulting from damage to the Vessel.
*To learn about the terms and conditions related to the perils covered in detail, refer to the policy wording provided by the insurer.
Chola MS Marine Insurance: Exclusions
Chola MS Marine Insurance does not provide coverage for the following perils:
- The insurance company won't cover loss or damage caused by willful misconduct or negligence during transit.
- If your goods are damaged due to unsuitable packaging or insufficient preparation, the insurance plan won't cover it.
- The policy won't provide coverage for any loss caused due to delays in transportation.
- Damage caused by radioactive nuclear waste is not covered under the plan.
- The insurance won't cover loss or damage caused during war or war-like situations.
- The policy won't cover loss or damage caused by strikes or riots.
- Any loss or damage caused by weapons of war, like bombs or derelict mines, won't be covered by the insurer.
- Liability arising from the unfitness of the vessel, craft, or container won't be covered by the insurance policy.
*To learn about the terms and conditions related to the perils that are not covered in detail, refer to the policy wording provided by the insurer.
Chola MS Marine Insurance: Claim Process
Follow the steps given below to raise the claim under Chola MS Marine Insurance:
- Notify Insurer: Inform the insurer about the incident as soon as possible.
- Collect Evidence: Take pictures of the damage or loss caused as evidence.
- Prepare Documents: Keep the necessary documents handy to submit along with the claim form.
- Fill out Claim Form: Request the insurer for the claim form and fill it accurately.
- Inspection: An inspector will be sent by the insurer to evaluate the loss or damage, and you should cooperate with the inspector.
- Compensation: The insurer will initiate the process of sending the compensation amount to the insured after the inspector submits the inspection report.
Chola MS Marine Insurance: FAQs
Ans: Yes, Chola MS Marine insurance offers coverage for vessels used for international voyages, subject to the terms and conditions of the policy.
Q2. How long does it take for the insurer to settle my claim under the Chola MS Marine insurance policy?Ans: The time taken for settling a claim under the Chola MS Marine insurance policy depends on various factors, such as the complexity of the claim, the nature of the loss or damage, and the accuracy and completeness of the documents submitted.
Ans: The documents required for filing a claim under the Chola MS Marine insurance policy may vary depending on the nature of the loss or damage. However, some common documents that you may need to attach with the claim form are the policy copy, original bills, receipts, survey reports, repair bills, and an FIR in case of theft or burglary.
Ans: Yes, Chola MS Marine insurance covers loss or damage to cargo due to theft, subject to the terms and conditions of the policy