Those involved in the marine business must have an in-depth understanding of marine insurance and the claim settlement processes to navigate the insurance landscape smoothly. In the event of an insurance claim, the claim form is the primary and most important document to be submitted.
However, you must also submit several other essential papers/documents to support your claim and receive the compensation.
Here in this article, we shall list out the crucial documents that you must submit to make the claim process smooth and successful.
Documents Needed With Marine Insurance Claim Form
- Insurance Certificate- Along with the claim form, the most crucial and primary document is the original transit insurance certificate. It is a vital document proving you are the holder of the insurance policy.
The certificate contains essential information, such as policy number, name, coverage and other details of the plan, which assists the insurer in processing the claim as per the plan.
- Survey Report- You must also support the insurance claim with the survey report prepared by the surveyor after inspecting the damage. The report contains all the vital information related to damage and loss.
This assists the insurance company in assessing the facts and deciding if the claim is true or not. A positive surveyor report means the insured’s claim is true and he is eligible to receive the claim.
- A Copy of a Bill of Lading- BOL or bill of lading is another pivotal document related to the shipped goods. It is a document issued by the carrier containing the details of the goods, such as the quantity, destination, origin and so on.
The bill of lading also enables the insurer to find out about the condition of the goods at the time of shipping and, accordingly, make a decision about the insurance claim.
- Original Bill or Invoice –There is no doubt that the original bill of goods is one of the most important documents required to process marine insurance claims. The invoice gives a clear picture of the value of the goods. Along with the original bill, the packing list and weight notes also help the insurance company assess the value and condition of the goods.
- Communication Exchange- The insured must also provide complete details of the communication that took place between the insurance company and them as proof.
- Shipping Specifications- Shipping specifications enable the insurer to gather details related to the specifications of the goods, their condition at the time of shipping, packaging, shipping instructions, etc. Thus, the claim can be verified and details can be matched against the description provided by the insured.
- Claim Bill- The claim bill is the document that contains the claim amount calculated by the insured, the justification of the loss, detailed calculations, etc. It helps the insurance provider to get a clearer picture of the claim and decide the right claim amount.
Marine Insurance Claim Process: Step by Step
Here is the step-by-step breakdown of the marine insurance claim process that you must follow for lodging a successful claim.
- Communicate with the insurance provider and inform them about the incident within the stipulated time frame.
- Assess the damage caused to the insured goods/property and arrive at an amount that you want to receive from the insurance company.
- The insurer will appoint a surveyor to assess the damaged goods or property and prepare a report to the best of their ability.
- The surveyor will submit his reports to the insurance company so they can assess the extent of damage.
- Next, the insured must provide the insurance company with all the necessary documents, as mentioned above, along with the insurance claim form.
- Keeping in mind the surveyor report and the documents submitted by the insured, the insurance company will decide if the claim is legible. If yes, the claim amount will be paid to the insured as per the terms of the policy.
Battle Out the Marine Risks with TATA AIG Marine Insurance Plans
While dealing with marine insurance claims, submitting all the necessary documents is the key to sailing through the claim process smoothly.
Sea transportation poses several unexpected and dangerous perils that can lead to significant losses to maritime businessmen. Therefore, those involved in the marine business must safeguard themselves with a reliable and comprehensive marine policy.
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