Page 176 - DCOM309_INSURANCE_LAWS_AND_PRACTICES

Unit 9: Marine Insurance

9.6.2 Inland Transit Claims (Rail/Road) Notes

In regard to claims relating to inland transit, the documents required to be submitted to the
insurers in support of the claim are:
Original policy or certificate of insurance duly endorsed.
Invoice, in original, or copy thereof.
Certificate of loss or damage (original) issued by carriers.

If goods are totally lost or not delivered, the original railway receipt and/or non-delivery
certificate/consignment note.
Copy of the claim lodged against the railways/road carriers (By Regd. A.D.)
Letter of Subrogation, duly stamped.
Special Power of Attorney duly stamped. (Railway Claims).
Letter of Authority addressed to the railway authorities signed by the consignors in
favour of consignees whenever loss is claimed by consignees.
Letter of Authority addressed to the railway authorities signed by the consignors in
favour of the insurers
Letter of Undertaking from the claimant in case of non-delivery of consignment.

Claim Bill, after adjusting salvage value proposed.
Self Assessment

Fill in the blanks:
15. …………………………………………… is a document which serves as evidence that the
goods were actually shipped.

16. ………………………………. report shows the cause and extent of loss, and is absolutely
necessary for the settlement of claim.

Case Study Marine Insurance Market Set for Shake-up

he marine insurance market is heading for a shake-up in the wake of the Costa
Concordia disaster as underwriters reconsider whether they want to provide cover
Tfor ever-larger vessels, according to industry executives.
Insurers say the incident has highlighted the risks of a recent scale revolution not only in
passenger liners but also in the more numerous container ships and carriers of dry-bulk
commodities such as iron ore and coal.
As underwriters come to terms with one of the costliest marine accidents, some insurers
are questioning whether they still want to provide cover in a fiercely competitive market
from which many struggle to turn a profit.
“The question is, are these huge vessels still manageable?” said Dieter Berg, senior executive
manager for marine at Munich Re, the world’s biggest reinsurance company by gross
written premiums and among the many insurance groups exposed to the Costa Concordia.

Contd...

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