Marine Insurance for Electronics & White Goods

Importance of Marine Insurance for Electronics & White Goods

It is important for the manufacturers of the electronic items and white goods to purchase marine insurance policy. It is because until and unless the item reaches the buyer’s house, any loss or damage caused will have to be borne by the manufacturer. If the goods are covered under the marine insurance policy then any loss or damage caused will be indemnified by the insurer.

Coverage under Marine Insurance Electronics & White Goods

Marine insurance for electronics and white goods provide coverage for the following perils:

• Any loss or damage caused due to fire
• Loss or damage caused due to explosion while transportation
• Loss or damage caused due to derailment of land conveyance, overturning or sinking
• If the cargo leave a port of distress that causes any kind of damage to the goods
• Jettison and washing overboard 
• Total loss of package while loading/unloading of the goods
• Total loss of package while overboard
• General average sacrifice salvage charges 

Exclusions under Marine Insurance for Electronics & White Goods

Marine insurance for electronics and white goods does not provide cover for the following perils:

• Intentional loss or damage 
• Bad packaging quality leading to damage of the packaged goods
• Loss of Liquidation, collapse of finances and bankruptcy
• Loss due to insolvency
• Regular wear and tear of electronic item and white goods
• Loss or damage caused to the goods in case of riots, strikes, war, etc.

Claiming Process for Marine Insurance for Electronic & White Goods

Here is the claiming process. Have a look:

• Inform the insurer about the caused damage. If the insured cannot inform the insurer then anyone can inform the insurer on behalf of insured
• If any of the electronic or white goods get damaged severely during the delivery then the insured can get a survey done and lodge a monetary claim
• If any of the electronic item or white goods go missing then the insured can file an FIR as the insurer might ask for it at the time of raising a claim

Marine Insurance for Electronics & White Goods: Documents Required

Following documents are required to submit along with the claim form:

• Insurance policy copy
• Survey report
• Claim bill
• Bill Lading copy
• Documents copy that were exchanged with carrier
• Shipping specification
• Original Invoice