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.Read more
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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
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.
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.
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.
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.