WHAT NEXT FOR THE LOCAL MARINE CARGO INSURANCE POLICY HOLDER IN THE EVENT OF LOSS OR DAMAGE?

WHAT NEXT FOR THE LOCAL MARINE CARGO INSURANCE POLICY HOLDER IN THE EVENT OF LOSS OR DAMAGE?

First and foremost, it is important that the insured understands the scope of their Local Marine Cargo Insurance Cover. This is helpful to them as they claim for compensation in the event of loss or damage to their insured goods.

Here’s what every Local Marine Cargo Insurance Policy holder should know regarding the Claims Cycle following loss or damage to the insured goods.

Step 1

In the event of loss or damage, the insured should make immediate notice of such loss or damage to the insurer.

Step 2

The Insurer will then acknowledge the notice and will begin the assessment process.

Please note that a loss assessor, loss adjuster or investigator May be appointed by the insurer depending on the nature of the loss.

Step 3

To enable your Marine Cargo Insurance claim to be dealt with promptly, the insured submits all available supporting documents without delay. These include;

1. Original policy or certificate of insurance.

2. Original or copy of shipping invoices, together with shipping specifications and or weight notes.

3. Original Bill of Lading and or other contract of carriage.

4. Survey Report or other documentary evidence to show the extent of the loss or damage.

5. Landing account and weight notes at final destination.

6. Correspondence exchanged with the Carriers and other Parties regarding their liability for the loss or damage.

Step 4

The Insurer then communicates the settlement offer of the claim or dismissal of the same to the insured.

Step 5

In case of any grievances regarding the insurer’s settlement offer or dismissal, the policy holder can contact the Insurance Regulatory Authority (IRA) for resolution.

Share this post

Leave a Reply

Your email address will not be published. Required fields are marked *