Procedure for Filing Marine Insurance Claim
(Following procedure should be followed in the event of occurrence of marine loss:
(a) Intimation of Loss: In the event of claim arising, the marine insurance company or its nearest office or its overseas agent as mentioned in the policy should be intimated about the loss without delay. The claim on carriers, customs and bailees should be filed within the prescribed time limit under registered post with an acknowledgement due.
(b) Appointment of the Surveyor: On receiving the intimation, the insurance company appoints a surveyor to determine the cause and extent of loss. The following details are necessary in the Survey Report:
Whether the packing was sufficient? If not,
What improvements are recommended?
How claim could have been minimised?
Was there failure of insured to protect interest by not taking measures to avoid or minimise loss or not protecting the rights of recovery from carriers/ Port, etc.?
(c) Landing Remarks: The insured should also obtain landing remarks from the Port Authorities.
(d) Submission of Claim: The insured should submit the following documents to finalise claim properly:
Original policy.
Original invoice and packing list.
The following documents, inter alia, are required to be submitted by the exporter to the insurance company:
Claim bill in duplicate.
Original Insurance policy duly discharged.
Original Invoice.
Copy of Bill of Lading.
Copy of packing list showing weight specification.
Ship Survey Report.
Insurance Survey Report.
Port Trust Landing Remark Certificate.
Copy of claim lodged with carriers, customs and bailees.
Reply received from carriers or Port Trust Authorities and/or correspondence exchanged.
Any other documents required by the Insurance Company.
(e) Finalisation of the Claim:On verification, if the insurer is satisfied with the claim, it pays the amount of claim to the insured or the person authorised to receive the claim as per the policy. If the claimant is of Indian origin, the claim is paid in Indian rupees irrespective of the currency in which relative policies have been issued. Where the clamant is not the resident of India, the may settle the claim in foreign currency.
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