Financial Times

Paying marine claims on the spot
By Nimesha Herath
Marine claims paid on the spot. Does this imply paying a claim made at sea exactly when damage occurs? Not necessarily. This second revolutionary insurance scheme introduced by Ceylinco Insurance would facilitate importers (only) to obtain claims within 24 hours at the latest if a consignment was damaged at sea or in port. How does it work?

If any goods importer insures his goods on “Marine on the spot”, the insurance scheme would be active from departure to the arrival port, allowing the importer to be able to claim for damage that occur at sea and on land while the goods are being transported. The assessment and possible claims are made on the spot when damage is identified.

For example if damaged goods are seen on arrival at the port, the clearing agencies will inform the customer care unit. The marine assessors – representatives from the insurance company – will arrive at the port within 30 minutes to pay the value of the damaged goods (depending on the amount) after conducting a survey. This does not mean that any amount could be claimed at that precise spot. Depending on the value, after assessing the “survey assessment report”, Ceylinco Insurance will provide the claim. The “spot” could differ from the port to the warehouse.

Officials said this new scheme will be more convenient for importers as it is time saving and has less documentation. Ceylinco Insurance said there was no need to submit bank and a port authority letters to obtain claims under this scheme, which before took over a week to secure payment.

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