Land, air and sea transport
This type of insurance provides the protection needed by trade, as the goods shipped by sea, air, land roads, or railways are insured. This insurance is designed to compensate the owners of the goods for losses that befall their goods due to their exposure to the risks of an insured during transport or shipping . As for the types of documents provided by this type of insurance, a marine insurance policy form was adopted and developed by the Marine Insurance Office in London, and the document is called ( MAR ) A set of conditions are added to this policy that provides insurance covers for all types of marine insurance, which are three groups:
- A set of Undertaking conditions that provide insurance cover and protection against the risks of transportation
- A set of conditions that provide insurance protection against the dangers of war
- A set of Undertaking conditions that provide insurance cover against the dangers of strikes
There are also types of marine insurance documents, such as : –
- individual document
- Open contract
- Open document
There is also a classification for the terms of coverage divided into ( A ) ; ( B ) ; ( C ) Each of the conditions has specific covers and the price varies from one condition to another, and the covers are granted according to the customer’s request. .
Marine insurance procedures :
Insurance request :It is done in two ways:
Opening a documentary credit at the bank : This is done by the customer and the bank informs the insurance company whose name is written on the approval request of the details of the goods, the trip, the amount of insurance, the type of cover and any conditions required by the bank , and in this way the customer can also fill out the insurance request with the company and issue the contract and deliver it to the bank with which the credit is opened Documentary .
Cargo insurance with the guarantee of documents : And it is done directly through the customer by sending an invoice, bill of lading, or any other document in which the name of the customer, the method of shipment, the goods, the packing of the goods, the flight, the amount of insurance is proven.
An agreement is reached between the company and the importer or exporter on the type of coverage and on determining the price of the insurance,
The company issues the insurance contract according to the agreed terms and in three copies, as well as the issuance of the invoice and the signature is done by the person authorized by the insurance company. The original copy of the document is provided with all the conditions attached to the bank. In the case of direct insurance, the original copy attached to the invoice is sent to the customer and a copy is kept in The issuance department and the invoice is sent to the accounting department in the company.
1- Submit a claim : The insured informs the insurance company by phone or in writing, followed by a written notification of the occurrence of damage to the insured goods and initial details of those damages, the value of the compensation claimed and the number of the insurance contract , and the report must be as soon as the insured becomes aware of the existence of damage to the goods and it is preferable to do so at the port in order for the detection to be conducted Shipping agent and sometimes in large claims procedures are taken to seize the vessel .
2- Required Documents : All original documents related to the accident are submitted, which are : – The insurance policy, the commercial invoice, the bill of lading, the certificate of origin, the packing list, the customs declaration, a letter of protest against the vessel’s agent and / or the agent of the airline or the sea carrier . The company opens a file on the accident that contains all these documents and records the accident in a company record.
3- Site inspection : The on-site inspection of the damaged goods is carried out by the company’s compensation officer at the location of the goods to find out the damage and estimate the claim value .
4- Hiring a loss coordinator: In the event that the claim value exceeds a certain amount, the damages are examined by a loss coordinator.
5- Reinsurance procedures : The insurance company informs the reinsurer of a preliminary notice of the claim, and the reserve amount for the claim is distributed according to the ratios of the agreement .
6- Returning cases :In the event that there is a cause of damage, the amount paid is returned to him and it is distributed according to the distribution of the original document.
7- Pay the claim : The estimates agreed upon between the company and the insured shall be approved, the payment is approved by the company, and the insured signs a clearance of receiving the compensation amount. .