Marine insurance has been and will remain a critical element when addressing the security of maritime businesses. That comes in varying offerings. And, mostly, it will depend on your choice of insurer and your capacity to cover the respective premiums. As a shipper, you would want a full coverage for your shipment, and all the shipping processes that you handle however simple these might be. But, you agree that some of the insurance policies that you have do not allow you much flexibility to customise the cover. And, that makes it a critical reason why you should keep on with your search for a customizable policy that will best suit your maritime insurance needs. Most importantly, though, when buying such policies, you should purchase them yourself. Relying on a third-party can be limiting as they may not know the fully understand the scope for your maritime policy requirements.
That, however, does not make any of the marine insurance policies that you buy any less to exercise due diligence since you are now handling that by yourself. You even should be more thorough with your choice of maritime insurance policy now. And, that’s irrespective of whether you are opting for fixed P&I insurance or any other liability insurance policy to cover naval risks. Typically, that is because, even in taking every policy, you should, primarily, address:
Vessel maintenance
You take high chances in forfeiting your insurance claim should your insurer learn that damages resulted from your negligence in maintaining your shipping vessel. Proper vessel maintenance is critical in ensuring you reduce risks that would affect your maritime business. Since vessel maintenance is among the areas that most insurers check for before processing your claims, ensure you document all your maintenance works.
Filing claims
Among the reasons that your insurer could delay or deny your claim application is inappropriate and incorrect claims filing. And now that you are opting for policy customisation, it is easy to miss out on critical checks. When submitting your claims, confirm that you do that under the right policy. Also, require professional legal assistance in getting an accurate assessment of damages. S/he can help in reviewing your policy form to ensure it does not have typo errors and managing your claims.
It is good news for every shipper to learn that they can customise their maritime insurance covers to their needs. This way, you are in the best position to know how much protection fixed P&Is and any other policy that you take will provide to your marine business. Also, you avoid the inconvenience of leaving claims handling to a foreign company that hardly knows the maritime risks that your business faces. But, while this approach remains a critical element to consider for full marine insurance coverage, play your part well. Contractual compliance is crucial in not only processing your claims successfully. It also is the backbone of maintaining your clients’ trust, knowing that their cargo is always in safe hands with you. And with that, should any maritime risk strike at your business, they and you will get full compensation, and on time. Here, your choice of a marine insurer will still matter, though…always.
