Question

Describe the procedure for establishing a claim and its settlement in marine insurance.

Answer 1

Under marine insurance, when the loss takes place, the insured submits a claim to the insurance company either directly or through a broker. The insurance company checks the coverage of the policy and investigates the claim to determine the amount of the loss. Then the final papers are prepared and the claim is paid to the insured.
Thus, the settlement of a claim under marine insurance involves the following steps:

1. Submission of the claim.
2. Checking of the policy cover.
3. Investigation of the claim.
4. Determination of the amount of loss.
5. Preparation of the documents.
6. Payment of the claim.