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A Marine Open Certificate Policy is a type of insurance that provides comprehensive coverage for multiple shipments within a specified period, typically a year. It offers protection against various risks during transit, including damage, loss, or theft of cargo. Businesses should have this policy to streamline their and ensure continuous coverage for their goods in transit. It also provides cost-efficiency by eliminating the need to purchase individual policies for each shipment. It saves money by combining coverage for multiple shipments, avoiding the need for separate policies. This policy reduces financial risks and makes shipping smoother for companies that often trade by sea.
The Marine Open Certificate Policy provides a comprehensive range of features tailored to meet the diverse needs of businesses engaged in maritime trade. These features include:
The policy offers protection against various risks during transit, including damage, loss, theft, and even natural disasters like storms or sinking.
Businesses can choose the duration of coverage, typically spanning a year, to align with their shipping schedules and requirements.
Some policies may include options for extending coverage to additional risks or territories beyond the standard terms, thereby providing enhanced protection.
Policyholders have the flexibility to adjust coverage limits based on the value of their cargo and their risk tolerance levels post UW approval.
In the event of a claim, policyholders benefit from a smooth and streamlined claims process, enabling swift resolution and reimbursement for any covered losses.
Insurance companies often offer competitive premiums for Marine Open Certificate Policies, making it a cost-effective choice for businesses looking to protect their cargo during transit.
Overall, the Marine Open Certificate Policy is designed to provide comprehensive coverage, flexibility, and peace of mind to businesses involved in maritime trade, ensuring their cargo is protected throughout its journey.
Eligibility for a Marine Open Certificate Policy extends to businesses engaged in frequent marine trade, including exporters, importers, manufacturers, and traders. This policy offers comprehensive coverage for multiple shipments, streamlining shipping operations and ensuring continuous protection for goods in transit.
Follow these steps to lodge a claim under marine insurance policy:
Step 1:Notify the Insurer Immediately: Report any loss promptly to the insurer.
Step 2:The insurer provides a claim reference number and surveyor details if appointed, or/and Letter of Requirement (LOR) is issued for further claim processing.
Step 3:Submission of Documents: Submit necessary claim-related documents as per the LOR.
Step 4:Documents Verification: The surveyor/insurer examines the submitted documents and informs about any pending requirements. Upon verification, if all documents are satisfactory, the insurer/surveyor assesses the reported claim based on marine insurance policy terms and conditions.
Step 5:Claim Approval: Upon assessing the loss, the insurer seeks consent from the insured and requests NEFT details for payment processing, along with any additional documents, if required.
Step 6: Claim Settlement: Once the insurer transfers the claim payment via NEFT, it reflects in the insured's account within 3-4 working days.
After a successful claim filing, the insurer provides URN number/claim number for document upload and status tracking. The necessary documents are as follows:
In conclusion, the Marine Open Certificate Policy is a vital safeguard for businesses engaged in marine trade, offering comprehensive coverage for multiple shipments over a specified period. With its streamlined claim process and protection against various risks, it ensures continuous and efficient protection for goods in transit, enabling smooth sailing for businesses.
Yes, the Marine Open Certificate Policy Insurance offers beneficial coverage for businesses engaged in maritime trade, providing comprehensive protection for multiple shipments.
Marine Open Certificate Policy Insurance covers various types of marine cargo, including general cargo, perishable goods, hazardous materials, and specialized cargo like machinery or equipment.
Risks specifically excluded from Marine Open Certificate Policy Insurance typically include war and related hazards, nuclear risks, willful misconduct, delay, ordinary leakage, loss of profit, and losses due to insufficient packaging.
Yes, the Marine Open Certificate Policy Insurance typically provides coverage for damage caused by natural calamities as per policy terms and conditions
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