Marine hull policy provides protection to ship owners against loss of or damage to ships and related financial losses. To file a claim under marine hull insurance policy, the insured needs to submit various documents to the insurance company.
Key Documents required for settlement of Marine Hull Insurance Claim are:
- Submit the Claim form. Following details should be filled properly in the claim form of marine hull insurance policy.
- Date, time, cause and circumstance of the loss.
- Damaged property details.
- Loss amount claimed
- The proper value of the goods at the time of Loss.
- If any other insurance policy had been taken, mention the same in the form
- Certified copy of the note of protest by the master.
- Premium amount payment details.
- Report on the occurrence, to be provided by insureds.
- Survey Report
- Original Repair Bill
- Cash memo
- Weather Report by Meteorological Department.
- Affidavits filed by rescue vessels.
- Certificate of survey for inland vessels.
- Registry Certificate.
- Notarized statements of master.
- Log Book extracts of both engine and deck.
- Crew list along with competency certificate details.
- A copy of the Claim bill. Attach the supporting documents as well.
- R.C. cancellation certificate
- Death certificate of crew for P.A. claim
- Post mortem report of crew for P.A. claim (Personal accidents claim)
- Disability Certificate from Doctor of crew for P.A. claim
- Legal heir Certificate of crew for P.A. claim
- Letter of Undertaking where applicable.
Read More: Why do You Need Marine Insurance?
A Turbine machinery export company, exported turbine parts to different companies via waterways. It had given the task of transportation of one of its consignment to ‘Marina III Shipping Company’. The assignment was to reach its destination within 4 days. Owners of ‘Marina III’ had purchased a marine hull insurance policy to secure its vessel against possible perils.
During its journey, the ship was caught in a huge storm resulting in damage to one of its cylinder. The ship somehow survived the storm and reached its destination. Once the consignment was delivered, the owners of ‘Marina III’ immediately contacted their insurance company.
The Insurance company sent their team to investigate the scenario and found that the cylinder on the ship was indeed damaged by the storm. The marine hull insurance policy bought by the owners of the ship came to their help.
The insurance company asked the owners to file for the claim by submitting the required documents.
The owners got the weather report at the day of the storm from the Meteorological Department and attached it to the required documents list. Other documents attached by the ship owners were:
- Claim form containing information on:
- Date, time, cause and circumstance of the damage to the cylinder.
- Damaged cylinder details.
- Loss amount claimed on the damaged cylinder
- Premium amount payment details for the marine insurance hull policy taken.
- Survey Report by investigators
- Affidavits filed
- Registry certificate
- List of crew members present on the ship at the time of the storm
The insurance company went through all the submitted documents and found them to be true.
As a result of which the claim was passed and the ship owners got the entire claim amount.
Read More: How does Warranty Work in Marine Insurance?
Since all the documents were properly maintained and all the premiums were paid on time, the insureds could avail the benefit of their marine insurance hull policy.
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