Claims Notifications for Marine Cargo Insurance
March, 2015
Insurance is an intangible product and consumers never truly know the true value and quality of their insurance product until the point of when a claim has been raised and notified. Claims provide proof of a quality product and value for money. If I claim has been alleviated and resolved quickly and efficiently it ensures trust and confidence within the consumer that they are getting the right product for them.
In order for you to process a Marine Cargo claim or stock throughput claim efficiently it is vital you have gathered the following five processes:
- General Details – When notifying of a marine cargo claim provide your Name, policy number so we can locate your policy and see whether you are covered for the risks you are claiming against. In order for the claim to be processed efficiently it is important to provide your contact details so insurer / intermediaries can get in touch as soon as possible. Telephone/mobile numbers and email address so communication can flow easily from loss adjustors and claim inspectors.
- Goods – It is vital to explain what the goods were that sustained damage / loss. When was arrival and departure to establish where the goods are / where they have been mislaid?
- Incident – Insurer usually have time scales where you can notify them of a potential claim, this must be done with a time scale of 30 days from recognised date of incident. In order for the Marine cargo claim to move swiftly you must notify your insurer of the incident date, with a brief summary of how the occurred hopefully establishing the causation of damage and the responsible party. Those who you hold responsible should be noted with contact details. Lastly insurers will need to know the value of your claim the larger the claim the more likely an inspection is undergone.
- Inspection – Quite often if the claim exceeds a certain value the insurer will request that an inspection of the damaged goods is taken place to establish the proximate cause of the damage and whether you (the insured) are covered. It also provides evidence that the damage has not been exaggerated or misinterpreted to the claimant’s advantage.
- Document – It is common practice in marine cargo or stock throughput insurance to request a list of initial documents. Be prepared the sooner these are provided the quicker a settlement can be arranged.
Bill of Lading / Waybill
An original certificate of insurance
Packing List
Correspondence between insured and the carrier / Bailee holding them responsible and any responses to these.
Statement of claim – adding up the costs which have incurred due to the incident (Remember: terms of which costs are included can differ for each policy)
If you have a Marine Cargo / Stock Throughput insurance policy take note of these steps the sooner the basic information is provide the better. If you have any queries about Marine Cargo or Stock Throughput insurance please take a look at our insurance product pages.
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