Ensure you have insurable interest or have expectation of acquiring insurable interest in the goods proposed to be in transit ,while seeking Cover. In particular a person is said to have insurable interest when he stands to benefit by the safety or due arrival of insurable property, or may be prejudiced by its loss, or by damage thereto, or by the detention thereof, or may incur liability in respect thereof.
Declare all Information related while requesting for cover eg. Invoice value, goods -nature and description, mode of transit, LR/BL details, type of cover required ICC/ITC A,B,C, details of voyage, mode of packing.
Provide timely declarations of despatches made as stipulated in the policy.
Take careful note of coverage and exclusions given in the policy.
Bring any discrepancy observed in the terms ,cover and conditions printed in the policy, to the immediate attention of the policy issuing office.
In case of any incident giving rise to a loss under the policy,we request you to take the following steps.
Immediately inform the policy issuing office about the incident along with correct policy no.
Obtain the claim form from the office .Fill in all the details and submit to the policy issuing office.
Normally a Surveyor will be appointed to assess the claim.
It is advised that all loss minimization efforts be made from your end.
In order to substantiate the loss surveyor may seek certain documents and you are required to hand over all the required information to him.
It is required that on intimation of claim, a monetary claim be filed upon the carriers,transporters,bailees or other third parties to protect any recovery rights against them.
In case of accident/theft claims, police complaint/FIR may be registered at the respective police station.
DON’T’s-
Do not omit to declare any despatches made under an Open Cover/Open Policy as all consignments are to be declared .
Do not fail to disclose all material information about the voyage/transit.
Do not fail to ensure that there is always sufficient balance at all times, in case you have an Open policy/Open cover/Turnover policy
In case of an incident giving rise to a loss ,do not give clean receipt to the carriers, where goods are received in doubtful condition or where damages are observed from inspection/observation.
For any loss incident ,do not do anything which will prejudice our rights of recovery against Carriers, Bailees or other Third Parties.
Losses On Export Consignments
In case of claim being occurring in the locations outside India , the intimations can be directly provided to our overseas claim settling agents “WK Webster” .
Contact details are available in your policy copy.
Along with claim intimation following related documents /information also be forwarded to the settling agents (list is illustrative and not exhaustive)
Policy copy
Invoice copy
BL/Airway bill details
Contact details of the consignee overseas
Place of loss and estimate of loss.
DO'S & DONT'S FOR MARINE HULL INSURANCE
DO's
Always fill up the Proposal Form accurately.
Pay premium due in time.
Take continuous cover without break and keep policy renewed.
Inform Insurers of Financier’s interest on Vessel and policy assigned as per rules.
Keep Vessel classed and maintain class throughout the currency of policy period.
Study policy conditions and seek Insurers guidance for any clarification.
For any breach or change in policy terms on trading, use, value, etc., consult Insurers.
Include War and Strikes cover also besides main ITC Hull cover.
Always insure your vessel for market value. Hull insurance is an agreed value cover.
Preserve original policy and endorsement.
Comply with all requirements of Competent Authorities on trading, licence, registration, Class, manning, international and national regulations.
Report casualty immediately to the Insurers.
Inform casualty to various authorities and ensure Master / crew give statements before the Notary Public / Surveyors regarding casualty.
Extend full co-operation to the Insurer’s surveyor to enable them to find out cause of loss or damage, extent of damage and possibility of loss minimization.
Repair damaged vessel in consultation with Insurer’s Surveyor after obtaining various quotations for repairs.
If vessel is under Class, consult Classification Society for repairs.
Take immediate efforts to salvage vessel in consultation with Insurer’s Surveyors.
Refer the claim to your Average Adjuster and be guided by his advice.
Preserve rights of recovery against third parties.
Maintain accurate records of the incident and subsequent actions.
In case of collision casualty, act quickly in consultation with Insurers.
Keep your P&I Club informed of major casualty and be guided by their advice.
Always quote policy number, claim number and date of loss in all your correspondence with the Insurers.
In case of major casualty involving General Average or Collision liabilities, please act quickly in consultation with your Insurers, P&I Club, Average Adjusters, legal counsel, etc., regarding Guarantees.
Act like prudent uninsured owner when the casualty occurs and take all steps to minimize the loss.
Submit all documents to Insurers / Adjusters to expedite claims.
DON'Ts
Don’t breach policy condition.
Don’t allow your classification certificate to lapse.
Don’t carry on operations other than your permitted operations.
Don’t admit liability to third parties without consent of Insurers.
Don’t delay actions in case of casualties on the assumption that insurance exists.
Don’t contravene Statutory / Government / National / International or any other regulations.
Marine Hull Claims - Checklist of some documents to be submitted by Policy Holder/Claimant
Kindly note that this checklist shows the basic documents and is not exhaustive. Documents required for claims processing will vary from case to case.
Claim intimation by way of email or letter.
Claim Bill
Claim Form
Repair Bills and Receipts duly certified by Surveyors and/or Adjustors.
Registration, Licence, Class Maintenance Certificate, etc.
In case of financial interest - No Objection Certificate for payment to be effected directly to vessel owner for repair claim from Bank / Financial Institution.
Any other document as may be called for by the Surveyors / Investigators / Adverage Adjustors / Insurers.
RBI permission in case of settlement of claims in foreign currency.
In case of collision claims – all correspondence with the opposite vessel owners.
