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.

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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

Written By: PolicyBazaar - Updated: 23 August 2023
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Policybazaar for Business - Marine Insurance - Customer Reviews
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3.8 April 20, 2023
Great Experience
I recently purchased Marine insurance from Policybazaar for my shipping business and I must say I am thoroughly impressed with their service and coverage. From start to finish, the experience has been smooth and hassle-free.Thankyou.
4.3 April 03, 2023
Provides Comprehensive Protection
When it comes to coverage, Marine insurance that i bought from PolicyBazaar has exceeded my expectations. It provides comprehensive protection for my cargo and vessels during transit, ensuring I can focus on my business operations with peace of mind. Thankyou.
4.3 March 17, 2023
Excellent Services
I highly recommend Marine insurance from PolicyBazaar website to anyone in the shipping or logistics industry. Their user-friendly website, comprehensive coverage, and excellent customer service make them stand out from the competition. With Policybazaar, I feel confident in navigating the high seas, knowing that my business is well-protected. Thank you, Policybazaar.
4.3 February 28, 2023
User Friendly Interface
The website's user-friendly interface made it easy to compare different plans and find the perfect fit for my business needs.Thanks
4.3 February 11, 2023
Prompt Services
I appreciate the transparency and honesty with which Policybazaar handled my claims. They were prompt in processing my claim and their claim settlement process was hassle-free.Thanks PolicyBazaar.
3.8 February 10, 2023
Exceeds Expectations
I recently had the pleasure of purchsing marine insurance from Policy bazaar website and I must say it has been an outstnding experience from start to finish. I am thrilled to share my positive customer review, as this truly exceeded my expectations. Thanks PB.
3.8 January 31, 2023
Easy Navigation
The ease of navigating the Policy bazaar website and finding the right marine insurance policy was impressive. The website's user-friendly interface and intuitive design made it incredibly simple to compare various options, understand the coverage details and make an informed decision. I appreciated the transparency provided throughout the process. Thanks.
3.8 January 21, 2023
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The customer service provided by Policy bazaar was decent. Their team was responsive, knowledgeable and went above and beyond to assist me at every step. Their professionalism and commitment to customer satisfaction were truly commendable.Thankyou.
4.3 January 11, 2023
Sanjeev Rathor
Efficient Process
When it came to claims processing, Policy bazaar demonstrated remarkable eficiency and effectivenes. I had an unfortunate incident during the coverage period and filing a claim was a breeze. The entire process was streamlined and their team guided me throuugh every necssary step, making it hassle-free. The promptness with which my claim was setled reflected their commitment to their customers' well-being and peace of mind. Thankyou.
3.8 January 01, 2023
Comprehensive Coverage
I must mention the comprehensive coverage provided by the marine insurance policy I purchasd through Policy bazaar. It offered me the necesary protection and peace of mind. Thankyou PolicyBazaar.