The Marine insurance provides protection against loss or damage of cargo or property while it is in transit, acquired, or held at any point between origin to the final destination. This policy provides coverage while transit takes place by any mode of transit like Sea, Rail, Road Air & Waterways.
The policy covers physical loss or damage to insured goods during transit by sea, rail, road, air or post parcel.
Anyone can have this policy who have to send goods from one place to another and one should have insurable interest.
Scope: The policy covers physical loss or damage to insured goods during transit by sea, rail, road, air or post parcel
Coverage: The policy coverage is guided by standard marine clauses
The policy commonly covers loss or damage due to Fire, lightening, breakage of bridges, collision, overturning and sinking/capsizing etc.
A client trading in high quality paper had a consignment of raw material badly damaged by heavy rain.
It was found on discussing with the surveyors that the proper covering on the truck was not maintained. It would have adversely effected the claim.
We convinced the insurance company that this was one solitary instance and otherwise the tarpaulin covering was always adequately done. The claim was paid accordingly.
It was made very clear to the client that the right kind of transporters should be used so that such occurrences do not recur.
Client deals in solar module. The module efficiency decreases if it falls due to micro cracks not apparent from external appearance.
Since testing had to be done on large number of sample modules, the cost of which was high. The cost of disposal latter was also extremely high. It was opined by the surveyor that both this costs will have to be borne by the insured.
We were able to Negotiate strongly with the surveyor that this cost testing and salvage was necessary for both the sites. It was eventually agreed that 50% of these costs will be paid to the insured.
Claim Preparation and Salvage Disposal add-on was advised to be taken in the policy.