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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4.3/5
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4.3
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Based on 114 reviews
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3.8 April 20, 2023
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Great Experience
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4.3 April 03, 2023
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