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.

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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.

Learn more about Marine Insurance

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

Written By: PolicyBazaar - Updated: 09 April 2024

Marine Insurance Premium Calculator

Select Commodity

  • New machinery machine tools & spares in closed ISO containers
  • Solar panel
  • Machinery machine tools & spares duly packed/lashed
  • Electronic & white goods
  • New machinery machine tools & spares in closed ISO containers
  • Solar panel
  • Machinery machine tools & spares duly packed/lashed
  • Electronic & white goods
  • New machinery machine tools & spares in closed ISO containers
  • Solar panel
  • Machinery machine tools & spares duly packed/lashed
  • Electronic & white goods

Select Mode of Transport

  • Road
  • Air
  • Sea
  • Courier
  • Rail

Cover Amount Required

Enter value between 10 thousand to 10 crore

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Policybazaar for Business - Marine Insurance - Customer Reviews
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4.3/5
Based on 114 reviews
4.3
out of 5
Based on 114 reviews
14 users
87 users
13 users
0 users
0 users
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.
Mizoram
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.
Assam
4.3 March 17, 2023
Umang
Excellent Services
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.
Chennai
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.
Noida
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.
Jamshedpur
3.8 January 31, 2023
Arvind
Easy Navigation
The ease of navigating the Policy bazaar website and finding the right marine insurance policy was impressive. The website's user-friendly interface and intuitive design made it incredibly simple to compare various options, understand the coverage details and make an informed decision. I appreciated the transparency provided throughout the process. Thanks.
Ajmer
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.
Pune
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