What do you mean by bill of lading?
A bill of lading (BL or BoL) is a legal document issued by a carrier to a shipper that details the type of shipment, quantity of the shipment and destination of the shipment being carried
What is the meaning of per sending limit?
Per sending limit is defined as the maximum amount of liability which the insurer would assume in respect of goods belonging to the insured carried on a single transit. The policy may have a single limit per sending across different modes of conveyance or specify different limits for different modes of conveyance.
What is open policy in marine insurance?
Single insurance policy which can cover loss or damage of the cargo for their multiple transit.Thus, Marine Open Declaration Policy enables you insure all your goods in transit or shipment during the year in a single policy.
What are INCO terms in marine insurance in India?
They determine the point of change of responsibility between the buyer and seller. Inco terms inform sales contracts defining respective obligations, costs, and risks involved in the delivery of goods from the seller to the buyer. Some commonly used Inco Terms:
- Ex Works (EXW): Seller has to place the goods at the disposal of the buyer. Carriage and Insurance are arranged by buyer
- Free On Board (FOB): Seller delivers when the goods pass the ship’s rail at the named port of shipment. This means the buyer has to bear all costs &risks to the goods from that point
- Cost, Insurance, Freight (CIF): The seller delivers when the goods pass the ship’s rail in the port of shipment. The seller must pay the cost & freight necessary to bring goods to the named port of destination, but the risk is transferred from seller to buyer
Who can buy marine open inland transit insurance?
Every entity or individual dealing in shipment of cargo and they are involved in multiple shipments during the year can buy this insurance policy to protect the goods from loss or damage.
What are the types of covers provided under marine open transit insurance policy?
- All risk cover (ITC A/ICC A)
- Basic Cover (ITC B/ICC B)
Can I cover terrorism under marine open transit insurance?
No Terrorism is not covered in Marine open transit insurance.
What Types of Claims are Typically Covered by Marine Export-Import (Open) Insurance?
A marine export-import (open) insurance policy typically covers claims for losses suffered due to fire, explosion, collision of vehicles, earthquake, lightning, hijack of goods, washing overboard, etc.
How Do I Initiate a Claim Under My Marine Export – Import (Open) Insurance Policy?
To initiate a claim, inform the insurance company as soon as possible, fill out the claims form, and provide the relevant documents. The insurer will appoint a surveyor who, upon inspection, will send the documents to the insurance company's claims department. Upon successful verification, the insurance company will release the payment.
What Documentation is Required When Filing a Claim for Damaged Cargo?
Depending on your case, you may be required to submit the following documents:
- Invoice copy
- FIR copy
- Salvage bill
- Photos and videos of damaged items
- LR copy
- Original discharge voucher
- Any other document, as asked by your insurer
Is Theft of Cargo Covered Under the Marine Export-Import (Open) Insurance Policy?
Yes. Marine open insurance policy covers the theft of cargo.
In the Event of a Storm Causing Damage During Transit, Can I Make a Claim?
Yes, you can claim in the event of a storm causing damage during transit.
What Steps Should I Take Immediately After Discovering a Loss Covered by the Policy?
Contact your insurer immediately and file a claim as per the due process.
Are Delays in Shipment Covered, and Can a Claim be Filed for Financial Losses Incurred Due to Delays?
Generally, you can’t file a claim for financial losses incurred due to delays in shipment.
8. How Does the Claims Settlement Process Work for Marine Export- Import (Open) Insurance?
After submitting your claim, the insurance company will appoint a surveyor who will assess the losses and submit a report to the insurer. Based on the report, the insurer will approve or reject your claim.
9. Are There Specific Time Limits for Reporting a Claim Under the Policy?
While the specifics may differ across insurers, you must file a claim within 30 days of loss in most cases.
10. Can I Dispute a Claims Decision Made by the Insurance Provider, and What is the Appeal Process?
Yes, you can do so. First, file a claim with the concerned insurer and then approach an ombudsman or a consumer court.
What is Marine Export- Import (Open) Policy and How Does it Differ from Other Marine Insurance Policies?
Marine open insurance offers coverage for all goods in transit throughout a year until the sum insured is exhausted or until the expiry of the policy. While the coverage for other marine insurance plans ends when the cargo reaches the destination, a marine open policy ensures you need not buy individual policies for every consignment.
What Types of Risks and Perils are Typically Covered by a Marine Export- Import (Open) Policy?
A marine open policy typically covers perils such as fires, explosions, derailment of vehicles, earthquakes, volcanic eruptions, etc
How are Premiums Calculated for a Marine Export – Import (Open) Policy, and What Factors Influence the Cost?
Premium is arrived at by multiplying the sum insured with the specific cargo rate. Value of goods, cargo nature, claim history and fitness of cargo are some factors influencing cost.
4. In the Event of a Claim, What Steps Should I Take, and How Does the Claims Process Work Under a Marine Export-Import (Open) Policy?
In the event of a claim, immediately notify us through our web claim portal link - https://app3.icicilombard.com/claimstracker/Index.aspx . Post this, our surveyor will inspect and ask you to submit a list of documents based on which the quantum of loss will be assessed. Upon submission of the final report from the surveyor, we will arrange for the payment release.