Handling Marine Hull and Freight Claims is entirely a differet cup of tea. Being a specialized area only a few offices will have the need and opportunity to handle these claims. Marine Hull-Ocean going vessels are covered under Institute Time Clauses (ITC) (Hulls) policies. The freight is also covered along with hulls under ITC (freight) policies. So these claims are handled by persons who have acquired expertise over a period of years.
However, Minor Hulls like coastal vessels, country craft fishing vessels and other small craft are also insured in the Hull department. These vessels are insured by most of the offices and as a result they are required to process and settle the claims relating to these vessels. Especially, fishing vessels business is very common in offices located in coastal areas.
Fishing vessels are insured along with their engines and other equipment. Generally, claims are for total loss or constructive total loss. Occasionally, there will be partial losses also for repairs. Surveyors assess the loss and claims are settled on the basis of their recommendation. One serious problem is the presence of moral hazard. In most cases crew members survive and they manage to reach shore. The master of the vessel makes a protest before the public notary about the nature and details of the accident and this is the most important document for settlement of claims apart from other documents. |
