Marine Insurance Policy

Placing an order for your favourite football club’s branded merchandise may give the diehard fan in you a cause for celebration. It also sets in motion a complex chain of events that spans an elaborate network of manufacturers, logistics agencies and of course, insurance companies. What does insurance have to do with e-commerce, you ask? Well, Marine Insurance underwrites billions of dollars worth of goods- from the moment they leave the factory where they’re produced until they finally arrive at the buyer’s warehouse. The growing risk of international piracy, road accidents, collisions between merchant tankers due to human error, and even damage to stock during loading or unloading of cargo, is becoming all too common. Marine Insurance gives a halo of protection to goods as soon as they leave your factory or warehouse until they finally arrive at their destination, across land, sea or air. The flow of global trade requires businesses and corporations to use Marine Insurance to mitigate risks and build redundancy into their distribution networks. For emerging economies like India, crude oil and high end imports depend on the uninterrupted flow of goods through shipping lanes crisscrossing vast swathes of ocean. With the government’s push towards manufacturing gaining steam, generating greater revenues necessitates diversification in terms of market reach and penetration. Bajaj Allianz has been the preferred Marine Insurance solutions provider to a host of Indian companies across a variety of sectors. By cushioning industry from a range of risks at sea, we give companies and their investors’ greater confidence to set and achieve new growth targets. Read less

WHY IS MARINE INSURANCE IMPORTANT?

A Marine Insurance Policy reduces your exposure to risk in the event of loss or damage to your goods or assets while in transit. As a fleet owner, you may have equipped your vessels with Automatic Identification System (AIS) transponders, GPS navigation receivers, echo sounders and weather radars; however as shipping lanes get busier due to increasing trade volumes, the scope for accidents has more than quadrupled in recent times, according to industry estimates. In case of a marine disaster such as an oil spill, you may face litigation and penalties, the costs of which can be prohibitive. While legal expenses may be considered a part of the costs of doing business, they can have a telling effect on your company’s bottom line. Marine Insurance can help you manage risks and improve the resiliency of your business. With a comprehensive Marine Insurance plan, your fleet of commercial vessels can operate without any apprehension. This will enable you to control risks arising from damage or loss to valuable cargo worth crores of rupees. For example, if your vessel runs aground or suffers a collision, the costs of towing, repair and overhaul can be very high. A Marine Insurance Policy can help you take care of such risks. In addition, as merchant vessels are maintenance intensive, the lack of spares or consumables can result in extended unavailability, affecting utilization which can have a cascading effect on profitability. A potential hijacking on the high seas by pirates is also a contingency that you need to factor in. A standoff involving hijacked merchant vessels may take months to resolve and in potentially result in loss or damage if hostilities break out. With Marine Insurance, you can build a level of redundancy to handle such emergencies. Investing in Marine Insurance is considered essential to reduce potential risks and ensure the continuity of the company’s value chain. Here’s why investing in Marine Insurance can make your business operationally resilient:

ENGINEERING PROJECT CARGO

Shipping expensive, project-critical equipment is a high-risk task as such shipments are vulnerable to a range of volatile risks. At Bajaj Allianz, we have a highly-skilled team of Project Cargo underwriters as well as marine risk consultants across the globe and we can handle the largest of risks. Our Engineering Project Cargo Insurance is designed to meet the specific needs of your business and to creatively manage all types of risks. We’ll cover loss or damage in transit of components of large civil, production and infrastructure construction projects and offer Advanced Loss of Profits (ALOP) coverage against loss of income and profit due to late or non-arrival of critical components.

MARINE INSURANCE CLAIM PROCESS

The costs of doing business multiply substantially when commercial cargoes do not reach their destination due to losses suffered at sea. When you need your Marine Insurance to deliver, Bajaj Allianz is right on the money. Here’s how you can initiate a Marine Insurance claim by following these simple steps

Step 1

Step 2

On the new page that opens, select ‘Claim Registration’. Fill in other details like policy number, email, registered mobile number and click on proceed.

Step 3

In the following page, fill in other relevant details and click on the claim button. You might be required to upload certain documents like the original invoice so as to verify the claim. Congratulations! You have successfully filed your first claim!