As an import-export merchant and ship owner, you have the responsibility to watch over the safe transit of goods and vessels to and from international waters and ports. Marine and hull insurance helps protect your financial health in case of loss and damage.
Filing a claim becomes a necessity in times of loss but remains daunting, nonetheless. You need sufficient information regarding claims, documents, requirements, and procedures to navigate through the complexities seamlessly.
In this blog, we will discuss all the documents required for marine insurance policy purchase, raising a claim and the marine insurance claim procedure.
Marine Insurance Documents Required for Policy Purchase
Buying marine insurance online can be a hassle-free and streamlined process. Especially if you buy from a policy provider who has expert support services and trusted procedures, it becomes even easier. For instance, you can instantly buy a marine insurance policy at TATA AIG with practically zero paperwork.
Below are a few common and essential documents you will need to submit to buy marine insurance.
- Cargo details
- Cargo value evidence
- Voyage details
- Vessel registration paper
- Cargo or vessel ownership documents
- Details of any previous open marine insurance policy.
Documents Required for Marine Insurance Claim Procedure
● Marine Insurance Policy Papers
When you claim marine insurance coverage against incurred loss, you need to prove to the provider that you are their policyholder and have all the essential policy documents. The first and foremost document you require is the policy certificate or policy paper. You can submit any additional endorsements made to the original policy.
This policy paper outlines the terms and conditions of the policy. It is good practice to keep your physical copy in a safe place, and even better if you have a digital copy.
● Duly Filled Out Claim Form
Submit an online marine insurance claim form duly filled out with accurate information and necessary proofs. This form includes information related to the incident, such as policy number, policy type, date of loss, time of the incident, nature of the damage, policyholder’s personal information and a few other details.
● Evidence of Correspondence
Correspondence refers to the communication you, the policyholder, had with the marine insurance company. This includes emails, letters, messages and other details exchanged with all the parties.
Correspondence with the vessel owner, shipping owner and marine insurance company. All of this evidence provides adequate information and documents related to the discussions, agreements and proofs regarding the trade.
● Estimated Claim Bill
The estimated claim bill refers to an approximate, evaluated amount of financial loss inferred by the policyholder, i.e., the vessel or cargo owner. Various parameters determine this amount, such as the market value, cargo valuation, cargo and vessel details provided while buying the marine insurance policy and more.
● Bill of Lading Copy
A bill of lading is a document that includes the types of goods, the quantity of the goods, the consignee, the port of loading, the port of discharging and the condition of the goods upon verification. This document serves as a receipt for the shipment of goods and provides essential details about transport items.
● Original Cargo/Vessel Purchase Invoice
The purchase invoice of the insured property, be it cargo, hull or freight, is an essential document. It provides the proof of ownership and purchase value of the insured property.
It also provides information related to the seller and the buyer, transaction details, purchase date and more.
● Shipment Specifications
Shipment specifications should include the description of goods, shipping details and packaging details.
● Surveyor’s Verdict
A surveyor is a person appointed by the marine insurance company. This official verifies and assesses the cargo, vessel, related documents, loss and damages. They are responsible for verifying whether the claim is legitimate or not.
The surveyor’s verdict is a highly influencing factor that determines whether the claim will be approved or not.
Marine Insurance Claim Procedure
- Assess, analyse and value the damage incurred to the insured property.
- Contact the insurance provider regarding the loss incurred.
- Make efforts to minimise the losses.
- Raise a claim with the insurance company.
- The insurance company will appoint a surveyor.
- The surveyor will assess the marine insurance documents, losses, details and cargo.
- The insurance company will review and evaluate the surveyor’s report.
- Based on the report, the provider will approve or reject the claim.
Ending Note
A marine insurance policy plays a vital role in safeguarding cargo and vessels during transit. By understanding the essential marine insurance documents and procedures, you can navigate the intricacies of marine insurance at the time of claims, purchase and renewals.
