Marine Insurance

Yes; marine single transit policies is usually tailored to meet the specific requirements of the business or individual. This may include customising coverage based on the nature of the goods and the mode of transportation.

Yes, high-value items can be included in a marine open policy. However, it is important to declare these items and ensure that the policy limits and coverage are adequate to protect their value.

Premiums are typically based on factors such as the value of the cargo, the type of goods, the route, the mode of transport, and the duration of the voyage.

Yes, policies can often be tailored to meet the specific needs of the business, including coverage for specific routes, types of cargo, and additional risks.

In the event of a loss or damage, notify your insurer immediately. Provide necessary documents such as the bill of lading, insurance policy, and damage report. The insurer will assess the claim and process it accordingly.

Commonly required documents include the insurance policy, bill of lading, commercial invoice, packing list, survey report, and any other relevant documentation.

The time frame can vary depending on the complexity of the claim and the completeness of the documentation provided. Prompt reporting and submission of all required documents can expedite the process.

If your claim is denied, review the reasons provided by the insurer. You can appeal the decision by providing additional evidence or documentation to support your claim.

Yes, common exclusions include losses due to improper packaging, inherent defects in the goods, war, strikes, and intentional misconduct. Always review your policy for specific exclusions.

Contact your insurer before the policy expiration date to discuss renewal options. Review your coverage needs and make any necessary adjustments to the policy.

Yes, you can update your policy to reflect any changes in your business operations, such as new routes, types of cargo, or additional coverage needs.

Consider changes in your shipping routes, types of cargo, and any new risks that may have emerged. Review your past claims and adjust coverage limits as needed.

Some insurers may offer a grace period, but it’s important to renew your policy before it expires to avoid any gaps in coverage.

Yes, you can compare policies from different insurers and switch if you find a better option. Ensure there is no lapse in coverage during the transition.