IGNOU : M.COM : IBO 4 : UNIT 12 : Q - 4. Enumerate the documents needed for filing the cargo insurance claims.

 

Ans. Filing Claims

The insured will file claim with the insurance company after meeting the aforementioned requirements. Tile insurance company is generally contacted immediately on discovery of loss to the cargo which will assist the insured in carrying out the responsibilities.

It is quite natural that there is disagreement between the insured and the insurers regarding insurance claims. In such a case, the insured can take legal recourse against the insurers and file a legal suit. However, under the Indian Limitation Act, no suit can be filed against the insurers in respect of a claim under an insurance policy after a lapse of three years.

a) The date of occurrence causing the losses; or 

b) The date when the claim is repudiated either partly or wholly.

It is clear that if liability is not denied for three years, the claim of the insured would become time barred under the law. If the claimants want to keep their claim right open, they will have to file suit against the insurers before the expiry of the period of three years. The claim would also remain open, if the insurers belatedly repudiate the claim.