Maritime transport plays a significant role in the global economy, ensuring the movement of goods between countries via sea and air. This requires safe shipment and delivery of products to their final destinations. Marine insurance has become one of the most important types of insurance as maritime transport carries many risks that may affect the goods being transported. It guarantees compensation for cargo owners for any damage that occurs to their goods during the maritime transport journey.
Effective management of marine insurance compensation is crucial for the continuity of the business for cargo owners, protecting them from potential losses resulting from damage to their goods during maritime transport. The marine insurance claims management' team must possess a deep knowledge of marine insurance laws, terms, coverage, and exclusions. The team must assist clients directly and effectively in preparing all required documents in the event of an incident that causes damage to goods during maritime transport.
Risks Covered by Marine Insurance Policies:
- Damage to a vessel, hull, machinery, and equipment
- Damage or loss of shipment at various stages in transit
- Claims related to third-party liabilities, such as collision, pollution, and personal injury
Required Documents by Insurance Companies in Marine Insurance Claims:
- Claim form.
- Bill of lading.
- Survey report.
- Copy of customs release order.
- Copy of the letter of reserve against the carrier and the original reply from the carrier.
Process to Submit a Marine Claim to Your Broker:
1. Send the claim notification.
2. Prepare and review the required documents.
3. Submit your claim.
4. Follow up on claim settlement.
How We Assist You:
- We review your claim notification to ensure all necessary details are accurately captured and submitted promptly.
- We Guide you to the nearest Lloyd’s agent to complete the survey.
- We Assist you in preparing the claim file, detailing the required documents and advising on where to obtain them.
Conclusion:
Marine insurance claims management is essential in the marine insurance industry. Various risks are associated with the cargo and transport business. Damages or losses can disrupt the entire business process even when you are cautious or well prepared. This is why having marine insurance is vital and provides financial stability to your business.
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