National Marine Insurance
The National Insurance Company Limited is recognized as the oldest general insurance company in India. On 5th December 1906, the company was founded in Kolkata, West Bengal, to fulfill the nationalist dream of Swaraj. The government of India fully owns the National Insurance Company Limited. Here we will tell you about one of the products offered which is Marine Insurance.
Get right expert advice
Hassle free policy
Speedy Claims
We don't spam
-
Home
-
Marine Insurance
- National Marine Insurance
Types of Marine Insurance Plans Offered by National Insurance Company Limited
National Insurance Company Limited offers the following insurance plans under Marine Insurance:
- Marine Specific Policy
- Marine Open Policy
- Marine Open Cover
- Sales Turnover Policy (STOP)
- Duty Insurance Policy
- Increased Value Policy
- Delay in Start-up Insurance Policy (DSU)
National Marine Insurance: Inclusions
Here is the basic coverage provided by the National Marine Insurance policy:
-
ICC A & ICC B
The International Cargo Clause (ICC) is an insurance coverage that caters exclusively to international cargo transit. There are two types of coverage provided under the ICC:
ICC A - This coverage offers protection against damages to cargo during transit, excluding damages caused by rainwater.
ICC B - This coverage offers protection against accidental damages only.
-
ITC A & ITC B
The Inland Transit Clause (ITC) is a type of insurance coverage that specifically applies to transit within India. It also has two types of coverage available:
ITC A - This coverage protects against all types of damages except for those caused by rainwater.
ITC B - This coverage only protects against accidental damages.
It's essential to note that for both ITC and ICC, the insured must have an insurable interest in the property to qualify for coverage under marine/cargo insurance.
National Marine Insurance: Exclusions
National Marine Insurance does not provide coverage for the following:
- Damage caused by intentional misconduct.
- Damage caused by inadequate packaging.
- Loss or damage caused by delays in the cargo's arrival.
- Losses caused by the financial default or insolvency of the cargo operator.
National Marine Insurance: Claim Process
Follow the steps below to raise the claim:
- Step 1: Let the insurer know about the incident as soon as possible.
- Step 2: Gather evidence of the damage or loss, such as taking pictures.
- Step 3: Keep your policy documents and receipts ready to submit along with the claim form.
- Step 4: Request the insurer for the claim form and fill it out accurately with all the necessary information.
- Step 5: An inspector will be sent by the insurer to evaluate the damage or loss, and you should cooperate with them.
- Step 6: The insurer will process the compensation amount and send it to you after the inspector submits their report.
National Marine Insurance: FAQs
-
Q1. Are there any specific requirements for my cargo to be covered by a Marine insurance policy?
Ans: Yes, your cargo must have an insurable interest, and you must provide accurate details such as the type of cargo, value, and transportation route to be covered by a Marine insurance policy. -
Q2. What is the difference between Inland Transit Clause (ITC) and International Cargo Clause (ICC)?
Ans: ITC provides coverage for goods transported within India, while ICC provides coverage for international cargo. Both have two types of coverage - A and B, that differ in terms of the risks covered. -
Q3. How do I determine the insured value of my cargo?
Ans: The insured value of your cargo is determined by the value of the goods, plus freight and other charges incurred in transporting the cargo. -
Q4. How long does it take for the insurer to settle a claim?
Ans: The time taken to settle a claim depends on various factors such as the complexity of the case, the availability of evidence, and the insurer's internal process. However, most insurers aim to settle claims within a reasonable time frame. -
Q5. Can I purchase additional coverage for specific perils or risks?
Ans: Yes, most insurers offer additional coverage for specific perils or risks that are not covered under the standard policy. You may have to pay an additional premium for such coverage.
