How Long Does it Take to Settle a Marine Cargo Insurance Claim?

How Long Does it Take to Settle a Marine Cargo Insurance Claim?

by | Jun 16, 2021 | Marine Cargo Insurance

There are few absolutes when it comes to marine cargo insurance claims. When shipping internationally, each circumstance is different. Therefore, processing and finalizing a claim varies in the amount of time it takes on an individual basis.

How Long Does it Take to Settle a Marine Cargo Insurance Claim?

Every marine cargo insurance claim is different, so it is hard to predict the time it takes to be finalized. To get the adjustment hammered out, it will usually take anywhere from 30 to 60 days.

After the settlement is agreed upon, it will generally take less than a week for payment to be in your account. However, quickly getting to an agreeable settlement depends on two things:

1. How Complex is the Claim?

If a survey of damage is ordered, or it’s determined that repair is the best option, a claim will take longer while that process is carried out.

2. What is the Size of the Claim?

Larger cargo insurance claims tend to take longer purely due to the fact that there is more information to sort through.

How To Be Prepared For a Claim

A significant factor contributing to the duration of a claim is preparation in the event of a loss. To ensure you are protected, reach out to your insurer as soon as possible when you discover the accident. Your insurer will be able to work much faster to fulfill your claim.

The longest stage of a cargo insurance claim is substantiating and investigating. Before a claim can be paid, insurers research and confirm that the particular type of loss is covered under the shipper’s policy. This is done using documents the shipper is responsible for submitting to the insurer. It is best to keep documents and shipment details organized to share with your insurer quickly in the event of a loss.

Submitting documentation promptly can make a significant difference in the duration of a claim. This is something that shippers have control over and can plan for now. Clients who submit their regularly requested documents as soon as possible reach settlement faster. If you are unsure of what those commonly requested documents are, contact your insurer, and they will likely send you a list.

Marine Cargo Insurance Claims Process with TRG

Claims can be overwhelming, but TRG has been doing it for years. We have broken the process down and have made it as smooth as possible for our clients. When filing an MCI claim with TRG, we assist with reporting, follow-up, and answer any questions you have. TRG will generally issue payment in 3-7 business days once a settlement is agreed upon.

Learn more about Marine Cargo Insurance from Trade Risk Guaranty.

Download a complete guide on Marine Cargo Insurance from Trade Risk Guaranty.

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