Shipping business involves various risks, such as theft, loss and damage to cargo or vessels. These risks can impose a significant financial burden on business owners.
Hence, it is crucial to safeguard your financial assets against these maritime risks. One way to do this is by purchasing transit insurance or marine insurance policies.
TATA AIG offers SME insurance plans like a marine insurance policy that offers protection to business owners against various unforeseen situations.
However, often, businesses are not aware of the marine insurance claim process. Therefore, in this article, we will learn in detail about TATA AIG’s claim process for marine insurance.
Understanding TATA AIG Marine Insurance Policy
Marine insurance policy in India is covered under the Marine Insurance Act of 1963. This type of insurance coverage protects business owners against loss or damage to goods or cargo during transit. These losses and damage may be due to various unforeseen natural and man-made disasters.
TATA AIG understands that every business is unique, and therefore, offers tailored marine insurance plans based on your business activities and requirements.
These plans provide comprehensive coverage against various risks, including damage, loss, theft and liability during transit, giving you security and peace of mind.
Advantages of Marine Insurance Offered by TATA AIG
There are various advantages of the marine insurance policy offered by TATA AIG, such as:
- TATA AIG’s marine insurance policy helps businesses comply with legal requirements in international trade and avoid penalties and fines.
- Another advantage of marine insurance offered by TATA AIG is that it provides coverage for shipments across various countries, facilitating smoother global operations.
- TATA AIG’s representatives are professional in handling marine claims, ensuring timely support and efficient resolution of any issues that may arise.
- TATA AIG offers tailored policies to specific needs and allows businesses to choose coverage that aligns with their unique shipping operations and cargo types.
How TATA AIG Marine Insurance Claim Works?
Knowing all about the marine insurance claim process is essential. The coverage of the marine insurance policy will begin when the policy is active, and the transportation of goods occurs during the policy tenure. If the goods or cargo are damaged during transit, the policyholder must follow the below mentioned steps:
Step 1: Assess the Loss or Damage
Before filing a marine insurance claim with TATA AIG, policyholders need to assess the loss or damage to goods during transit.
It is crucial to prepare a detailed list of items that are damaged or lost. Furthermore, it is also important to assess the reason for damage or if it falls under the policy terms and conditions.
Step 2: Notify the TATA AIG Representative
After assessing the damage, policyholders need to inform the TATA AIG representative about the loss and damage.
This can be done by visiting the official website or contacting the representative. It is crucial to inform the representative within the stipulated time mentioned in your policy document.
Step 3: Submit the Required Documents
Fill out the marine insurance claim form and submit all the required documents, such as the bill of lading, policy number, shipping specification, etc.
Furthermore, policyholders also need to assess whether they have followed the protocol to protect goods at the time of the event.
Step 4: Document Verification and Survey
Upon receiving the claim request, TATA AIG will send the surveyor to assess the loss or damage. The surveyor will analyse the reason for the incident and the severity of the damage.
Based on their findings, they will prepare a report. The representative will check the report and verify the documents you have submitted.
Step 5: Claim Approval
Depending on the survey report and documents submitted by the policyholder, the TATA AIG representative will either reject or approve the claim request.
If a claim is approved, the company will send the confirmation mail for the same stating the compensation amount.
Step 6: Claim Settlement
After sending the confirmation mail for settlement, the company will start the claim settlement process, and within a few days, policyholders will receive a claim settlement amount in their bank account.
Documents Required for Maritime Insurance Claims
Here is a list of documents policyholders need to submit maritime insurance claims:
- Claim form
- Original marine insurance copy
- Bill of lading
- Original invoice of goods
- Shipping specification
- Claim bill
- Survey report
Conclusion
No matter how careful shipping business owners are, unfortunate incidents can occur, leading to significant financial losses. This is why having a marine insurance policy is crucial. TATA AIG offers a customised marine insurance plan tailored to meet the unique requirements of your business.
With their easy and hassle-free claims procedure, businesses can rest assured that they will receive prompt support when needed. This combination of tailored coverage and efficient claims handling ensures that your assets are protected.
