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.