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.
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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
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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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