Technology has led to the increasing complexity in the structure of businesses. But there are few processes that remain the same. And catering to the increasing complexity of the businesses there are now some very flexible marine insurance policies available for every type of business.
If you are going to choose a marine cargo or hull insurance for the first time, then you should make sure that you understand the terms and conditions of each policy available for your business. If you are looking for marine insurance in Singapore, you should consider Allegiance Marine Insurance. They cover both Marine Cargo and Marine Hull insurances. You should look them up if you are serious about protecting your marine goods or properties.
There are some situations where a marine insurance company might reject the claims for an insurance cover. Here are a few:
Discrepancies in the documentation
Each type of insurance policy might call for a different type of documentation procedure. If the details filled out are erroneous, or if there are some documents missing there are particularly good chances of the claim being rejected. The nuances of the policy should be understood well before claiming. As simple as it might appear at times it is always a good idea to get your claim forms checked by a professional insurance advisor before it reaches the insurance company.
Disparity in the understanding of the policy terms
Most cases the problem occurs because businesses choose an insurance policy that appears to be suitable in the first glance. It is always a good idea to seek the help of an insurance advisor to study every type of insurance policy offered by the company and then choose one whose terms would cover everything that the business needs. There might be several clauses that allow or deny the claim process, and these should be clearly understood before purchasing the policy. It would be a good idea to periodically review the policy terms and add essential upgrades when required.
Maintenance issues
Marine hull insurance covers the repair costs. But there are cases where the incurred cost might be due to the improper maintenance of the vessel. These are cases when the policy claim might be rejected because covering these costs might be an unnecessary burden for the insurance company. And this might also not be a part of the policy terms. Before a claim is being approved there would be checks conducted to ensure that there has been no compromise on the regular maintenance routines. Not having proper records of the maintenance activities done might also make it difficult to obtain the insurance cover.
Thus, in most cases the insurance claim would be a simple process provided the claim is genuine and provided that there are transparent documents available wherever required.