Universal Sompo Marine Insurance

Universal Sompo Generali Insurance Company Limited is a joint venture berween the Sompo Japan Insurance Incorporation and Dabur investment corporation along with the Indian overseas bank, Indian bank and Karnataka Bank. When it comes down to the Universal Sompor Marine Insurance, it becomes the responsibility of the insurer to provide cover for the loss or damage caused during the transit through air, road, rail and sea.

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Features of Universal Sompo Marine Insurance

Universal Sompo marine insurance comes with several features. They are as follows:

  • Great Service: The Insurer provides the policyholder a world-class service with their latest technology and great customer support system.
  • Customized Plans: The Universal Sompo General Insurance Company offers a customization option to the policyholder. You can customize your insurance plan while purchasing or renewing it.
  • Transportation Modes: The marine insurance plan provides cover for transportation through Air, Sea, Road, Rail, Post or parcel, etc.
  • Assistance & Survey: The Insurer provides worldwide survey and assistance to the policyholder.
  • Surveyors Network: The insurance company has a wide surveyor network.
  • Discounts: If there is a transit that is not very much far away then the insurer will provide discounts for it.
  • Depending Premium Amount: The premium amount of the insurance plan depends upon the nature of cargo, packing, distance, the scope of cover and past claim experiences.
  • Assignable: The insurance policy is assignable.
  • Fixed SI: The sum insured is fixed on an agreed value basis. Normally it comes with a margin of 10% on the price stated on the invoice for incidental expense.
  • Peace of Mind: If you are covered with Universal Sompo marine cargo insurance plan, you don’t have to worry about financial protection for the unforeseen loss or damage of your goods.

What is covered under Universal Sompo Marine Insurance?

Universal Sompo marine insurance provides cover for the following:

  • Fire: The marine insurance policy provides cover for the loss or damage caused by fire accidents during transit.
  • Explosion: The policy provides coverage for the loss and damage caused to the goods due to the explosion during the transit.
  • Jettison: The insurance policy provides coverage for the jettison as well.
  • Stranding: & sinking: It covers for the loss or damage caused due to stranding of the carrier as well as the sinking of the shipping carrier.
  • Overturning & Derailing: It provides coverage for the loss or damage caused due to overturning and derailing of the carrier on land.
  • Loss during Loading/Discharge (Total loss only):It also provides coverage for the total loss caused during the loading or discharging of the goods.
  • War Risk: The policy covers for the loss or damage caused due to war or war-like situations is covered.
  • Collision: Universal Sompo marine cargo insurance also covers loss or damage in case the ship, craft or conveyance collides with anything other than ship or craft during the transit. Also if the ship collides with an iceberg causing damage is covered.
  • Rail & Road: In case of damage caused during the transit through rail or road within India is covered. Loss or damage caused by fire, lightning, breakage of bridges, collision is covered as well.
Learn more about Marine Insurance

What is Not Covered under Universal Sompo Marine Insurance?

The Universal Sompo marine insurance policy does not provide cover for the following:

  • Delay: Universal Sompo marine insurance plan does not provide cover for the delay of the carrier.
  • Improper Packing: It does not provide cover for the loss or damage caused to the goods due to improper packing.
  • Insolvency: The insurance plan does not provide coverage for any insolvency caused to the carrier causing loss or damage to the goods.
  • Wear & Tear: The policy does not provide cover wear and tear of the goods caused during the transit.
  • Leakage: Coverage is not provided for the leakage causing loss or damage to the goods during the transit.
  • Loss in Weight/Volume: Claims cannot be filed for the loss in weight and volume of the goods carried by the carrier during transit.
  • Willful Misconduct: The insurance plan does not provide cover for the willful misconduct causing loss or damage to the goods.
  • Strike & Riots: It also does not provide coverage for the loss or damage caused during the strike or riots.
  • Civil Commotion: Loss or damage caused due to civil commotion is excluded as well

How to Raise Claim under Universal Sompo Marine Insurance?

Universal Sompo General Insurance Company provides a seamless claiming process. You can follow the steps mentioned below to raise a claim.

  • Inform the Insurance Company: Make sure to inform the insurer as soon as you get to know about the loss or damage caused during the transit through rail, road, air or sea.
  • Get Pictures of Damaged Goods: If possible get the pictures of the damaged goods so that you can keep them with yourself as proof.
  • Keep Documents Handy: In order to raise a claim and not become the reason for delay, make sure that you keep the documents ready so that you can provide them with the documents to start the process as early as possible.
  • Fill Claim Form: Ask the insurance company to provide you with the claim form and fill it up properly then you can submit it along with the attachment of documents.
  • Inspection: The Insurer will send an inspector to the location where the accident took place to check the damage and inspect it to make sure of it.
  • Provide Assistance: It is suggested to assist the inspector so that the things can be cleared and they can begin with the claiming process as soon as possible.
  • Compensation Provided: Once the inspector is satisfied and the inspection is done, the insurance company will begin the claiming process and compensate for the loss and damage in a few days.

How to Renew Universal Sompo Marine Insurance Policy?

Universal Sompo marine insurance comes with policy duration and once it is expired and not renewed timely, the insurer will not provide coverage for it. Here are the steps that you will have to follow in order to renew the insurance plan.

  • Step 1: Go to the insurance company’s official website.
  • Step 2: Fill in the detail like Name, Policy number, etc.
  • Step 3: It will show you the policy details and the expiration date.
  • Step 4: Review the plan once and make sure all the details are correct.
  • Step 5: Add or remove any add-on as per your requirement.
  • Step 6: if addition or subtraction of add-on will reflect your insurance premium amount.
  • Step 7: You can pay the new premium amount using your debit/credit card, UPI or Net banking.
  • Step 8: Once the payment is done, the insurance company will send you a confirmation mail and message on your email ID.

In order to avoid the cancellation of the policy make sure to renew the policy before the expiration date.

Why Buy from Policybazaar Insurance Brokers Private Limited?

Purchasing the Universal Sompo Marine insurance plan from the Policybazaar Insurance Brokers Private Limited makes your buying experience seamless. You can compare different insurance plans, learn about the policy in detail, and then make the right purchase. The comparison makes it easier for you to get to know about the premium amount you will have to pay and that is how you can decide if the policy is in your budget or not.

FAQs

Written By: PolicyBazaar - Updated: 23 August 2023

Marine Insurance Premium Calculator

Select Commodity

  • New machinery machine tools & spares in closed ISO containers
  • Solar panel
  • Machinery machine tools & spares duly packed/lashed
  • Electronic & white goods
  • New machinery machine tools & spares in closed ISO containers
  • Solar panel
  • Machinery machine tools & spares duly packed/lashed
  • Electronic & white goods
  • New machinery machine tools & spares in closed ISO containers
  • Solar panel
  • Machinery machine tools & spares duly packed/lashed
  • Electronic & white goods

Select Mode of Transport

  • Road
  • Air
  • Sea
  • Courier
  • Rail

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Enter value between 10 thousand to 10 crore

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Policybazaar for Business - Marine Insurance - Customer Reviews
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4.3/5
Based on 114 reviews
4.3
out of 5
Based on 114 reviews
14 users
87 users
13 users
0 users
0 users
3.8 April 20, 2023
Anas
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.
Mizoram
4.3 April 03, 2023
Vaishnav
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.
Assam
4.3 March 17, 2023
Umang
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.
Chennai
4.3 February 28, 2023
Vishal
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
Gurugram
4.3 February 11, 2023
Parth
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.
Noida
3.8 February 10, 2023
Rishabh
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.
Jamshedpur
3.8 January 31, 2023
Arvind
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.
Ajmer
3.8 January 21, 2023
Vishal
Excellent Support
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.
Mumbai
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.
Pune
3.8 January 01, 2023
Kunal
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.
Indore