Maritime insurance&Claims Handling

Maritime insurance&Claims Handling

Claim and settlement are legal provisions for resolving insurance disputes from two perspectives when an insurance accident occurs. Claim is an important right enjoyed by the insured in marine insurance contracts. According to the marine insurance contract, when the insured object suffers losses or is liable for losses caused by insurance accidents, the insured has the right to demand compensation or recovery from the marine insurer. However, when the insured exercises the right of claim against the marine insurer, they shall fulfill corresponding obligations and comply with legal procedures.

Claim settlement is the legal act of an insurer to review the claim materials and make a decision on compensation, partial compensation, or refusal of compensation after knowing that an insurance accident has occurred and investigating and confirming the ownership of legal responsibility. Claim settlement is an insurance obligation of an insurer and an important measure to improve their business management. Maritime insurance claims should follow some basic principles.

The principle based on marine insurance contracts. After the occurrence of a maritime accident, whether it falls within the scope of insurance liability, whether it is within the insurance period, the amount of insurance compensation, the determination of deductible, and the self liability of the insured shall be determined in accordance with the insurance contract. Rationality principle. When handling insurance claims, marine insurers should base themselves on the insurance contract and pay attention to the principle of reasonableness, as the terms of the marine insurance contract cannot summarize all situations. Timeliness principle. The main function of marine insurance is to provide economic compensation.

After an insurance accident occurs, the insurer shall promptly investigate, inspect, determine the loss, and promptly pay insurance compensation to the insured.