Real-Life Marine Insurance Claims in India – Case Studies & Lessons
- digital @btwimf.com
- Aug 4, 2025
- 2 min read
Table of Contents
Marine insurance provides financial protection and peace of mind for businesses involved in shipping goods. But its true value is seen when claims are successfully settled. In India, several real-life cases highlight how marine insurance safeguards exporters, importers, and logistics providers from heavy financial losses.
Why Case Studies Matter in Marine Insurance
While policy brochures explain coverage, case studies demonstrate real-world applications. They show how insurance responds during crises, builds trust among stakeholders, and prevents businesses from going bankrupt after major losses.
Case Study 1: Cargo Lost in Cyclone – Exporter Claim Settled
A textile exporter from Gujarat lost an entire shipment due to a cyclone in the Arabian Sea. The cargo was fully insured under a marine policy.
Claim: ₹1.8 crore
Settlement: 100% paid within 60 days
Lesson: Natural calamities are unpredictable, but marine insurance ensures exporters remain financially stable.
Case Study 2: Theft During Inland Transit – Importer Protected
An importer of electronics from China faced theft while goods were being transported from Nhava Sheva port to Delhi by road.
Claim: ₹75 lakh
Settlement: Partial payout due to deductible clauses
Lesson: Inland transit coverage is crucial for high-value cargo.
Case Study 3: Container Damage at Port – Claim for Logistics Firm
A logistics company handling machinery imports faced damage when a container was mishandled at Chennai port.
Claim: ₹40 lakh
Settlement: 90% paid after assessment
Lesson: Even at major ports, accidents happen; port-to-warehouse coverage matters.
Case Study 4: Piracy Incident – Shipping Line Recovered Losses
A shipping line transporting goods via the Gulf of Aden suffered losses due to piracy. Marine insurance covered ransom and damages.
Claim: Approx. ₹12 crore
Settlement: Paid jointly under insurer & reinsurer arrangements
Lesson: Piracy remains a serious threat; marine insurance is critical for international sea routes.
Case Study 5: Fire in Warehouse – Policy Extended Coverage
A warehouse storing insured goods caught fire in Navi Mumbai. Though technically outside transit, the marine policy’s extended warehouse coverage compensated for the losses.
Claim: ₹3 crore
Settlement: 85% paid after verification
Lesson: Always check add-ons like warehouse coverage in marine insurance.
Lessons for Exporters & Importers
Always declare accurate cargo value to avoid underinsurance.
Choose policies with multi-modal and warehouse extensions.
Understand deductibles and exclusions to prevent claim shocks.
Partner with insurers who provide faster settlement support.
FAQ's
1. How fast are marine insurance claims settled in India?
Typically within 30–90 days, depending on documentation and loss verification.
2. Does marine insurance cover piracy?
Yes, most international marine policies cover piracy risks, though some may require specific add-ons.
3. Can inland transit losses be covered?
Yes, with an appropriate inland transit extension in the policy.
