Oriental Marine Insurance
Oriental Insurance Company Ltd has a long and interesting history that dates back to its establishment in Bombay in 1947. Initially owned by the Oriental Government Security Life Assurance Company Ltd., the company was created to provide General Insurance Services. This article will provide details about Oriental Professional Indemnity Insurance.Read more
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Oriental Marine Insurance
When it comes to international cargo transit, the International Cargo Clause (ICC) provides specialized insurance coverage. The ICC includes two types of coverage:
- ICC A: This type of coverage protects cargo during transit from damages, excluding damages caused by rainwater.
- ICC B: This coverage provides protection only against accidental damages.
For transit within India, the Inland Transit Clause (ITC) offers specialized insurance coverage. This clause includes two types of coverage:
- ITC A: This type of coverage protects against all types of damages, except for those caused by rainwater.
- ITC B: This coverage provides protection only against accidental damages.
It's important to keep in mind that to qualify for coverage under marine/cargo insurance, the insured must have an insurable interest in the property, whether they opt for ITC or ICC.
Oriental Marine Insurance: Exclusions
Oriental marine insurance does not provide coverage for the following:
- Willful misconduct or negligence: Loss or damage caused by intentional or careless acts during transit will not be covered by the insurance.
- Inadequate packaging or preparation: The insurance policy will not cover any damage caused due to insufficient preparation or unsuitable packaging of the goods.
- Transportation delays: Any loss caused by transportation delays will not be covered by the insurer.
- Radioactive nuclear waste: Damage caused by radioactive nuclear waste during transit will not be covered by insurance.
- War or war-like situations: Loss or damage caused during war or war-like situations will not be covered by the policy.
- Strikes or riots: Any loss or damage resulting from strikes or riots will not be covered by insurance.
- Unfit vessel or container: The insurance policy will not cover liability arising from the unfitness of the vessel, craft, or container.
Oriental Marine Insurance: Claim Process
Follow the steps below to raise the claim under this marine insurance policy:
- Prompt Notification: The insured must notify the insurer about the loss or damage as soon as possible to avoid any delays in the claim process.
- Evidence Collection: Collect evidence in the form of pictures or videos, if possible, to strengthen your claim.
- Documentation: Keep all the required documents ready to submit along with the claim form to avoid any hassles later.
- Accurate form Filling: Fill out the claim form accurately, providing all necessary information, to avoid any confusion or rejection of the claim.
- Inspection Cooperation: Cooperate with the inspector sent by the insurer to evaluate the extent of the loss or damage.
- Compensation Process: After receiving the inspection report, the insurer will initiate the compensation process and transfer the amount to the insured's account.
Oriental Marine Insurance: FAQs
Ans: Yes, Oriental marine insurance policy covers international shipments, including sea, air, and land transportation.
Ans: You can renew your Oriental marine insurance policy online through Policybazaar website or by contacting the Oriental Insurance Company. You need to provide all necessary details and pay the renewal premium before the expiration to renew your policy.
Ans: Yes, you can purchase Oriental marine insurance policy online through Policybazaar website.
Ans: If you do not renew the Oriental Marine insurance on time then the policy will lapse and you might have to pay an extra amount to renew the policy.