ICICI Lombard Marine Insurance

ICICI Lombard General Insurance Company Limited is a general insurance company in India. The company was founded in 2001. The insurance company offers several general insurance plans, one of which is Marine Insurance.

₹10 Lakh cover at only ₹591/transit⁺

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ICICI Lombard Marine Insurance: Inclusions

The insurance plan provides coverage for the following:

The International Cargo Clause (ICC) is a type of insurance coverage that is specifically designed for international cargo transit. This clause provides two types of coverage, which are as follows:

ICC A: This coverage protects cargo from damages during transit, except for those caused by rainwater.
ICC B: Coverage for accidental damages only.

The Inland Transit Clause (ITC) is an insurance coverage that applies exclusively to transit within India. This clause offers two types of coverage:

ITC A: This coverage protects against all types of damages except those caused by rainwater.
ITC B: Coverage for accidental damages only.

It's important to note that to be eligible for marine/cargo insurance coverage under both ITC and ICC, the insured must have an insurable interest in the property.

ICICI Lombard Marine Insurance: Exclusions

The insurance policy does not provide coverage for the following:

Loss or damage caused by willful misconduct or negligence during transit
Damage to goods resulting from unsuitable packaging or insufficient preparation
Loss caused by transportation delays
Damage caused by radioactive nuclear waste
Loss or damage caused during war or war-like situations
Loss or damage resulting from strikes or riots
Loss or damage caused by weapons of war, such as bombs or derelict mines
Liability arising from the unfitness of the vessel, craft, or container.

ICICI Lombard Marine Insurance: Claim Process

Here are the steps that you can follow to raise a claim under marine insurance policy:

Notify Insurer: Immediately inform the insurance company about the loss or damage that has occurred.
Collect Evidence: Take pictures or videos of the damage as proof.
Prepare Documents: Keep all the necessary documents, such as policy papers, receipts, and invoices, ready to submit along with the claim form.
Fill out Claim Form: Request the insurer for the claim form and fill it out accurately, providing all relevant details.
Inspection: An inspector will be sent by the insurer to assess the extent of the loss or damage, and the insured should cooperate with the inspector.
Compensation: Once the inspection report is submitted, the insurer will start the compensation process and transfer the amount to the insured's bank account.

ICICI Lombard Marine Insurance: FAQs

Que 1: How is the premium for ICICI Lombard marine insurance calculated?

Ans: The premium for ICICI Lombard marine insurance is calculated based on the type of coverage selected, the value of the insured goods, and the mode of transportation.
Ques 2: How long does it take for ICICI Lombard to settle a marine insurance claim?

Ans: The time taken to settle a marine insurance claim varies depending on the complexity of the claim. However, ICICI Lombard aims to settle claims within 30 days from the date of receipt of all necessary documents.
Ques 3: Can I cancel my ICICI Lombard marine insurance policy before the end of the policy term?

Ans: Yes, you can cancel your ICICI Lombard marine insurance policy before the end of the policy term. However, you may be charged a cancellation fee, and the refund amount will depend on the terms and conditions of the policy.
Ques 4: What is the maximum coverage limit offered by ICICI Lombard marine insurance?

Ans: The maximum coverage limit for ICICI Lombard marine insurance varies depending on the type of coverage selected and the insured value of the goods.

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Disclaimers⁺
*Savings of 42% are based on the comparison between the highest and lowest premiums for a Rs 50 lakh sum insured under Inland Transit Clause B or Institute Cargo Clause B for single transit cover of auto spare parts with shipment type of Inland(Domestic) and road as mode of transport. Premium varies on the basis of Occupancy, Business Activity & Coverage Type
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The details of insurance coverage, inclusions and exclusions are subject to change as per solutions offered by insurance providers. The content has been curated based on the general practices in the industry. Policybazaar is not responsible for the factual correctness of these details.

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