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Procedure to take out a marine insurance policy

The procedure of taking out a marine insurance policy is straight forward and simple. The procedure involves the following steps:

1.Selection of company: The first step, is to select the insurance company from which insurance is to be taken out. Premium rates are depending on the risk in the subject matter.

2. Selection of Agent: A person who takes policy may also contact an agent who possesses specialized knowledge about insurance. The agent work is to see that insured is furnished with every information about insurance.

3.Marine Declaration form: Third step, is to fill a declaration form. In this firm proposer is likely to give all the details about the subject matter.

4.Assessment of risk: After filling the declaration form, the next step is to determine the risk of the subject matter. According to the risk involved in the subject matter the premium is fixed and paid by the insured.

5. Payment of premium: Premium is paid either in cash or through cheque or throughout any other mode of payment which is agreed.

6.Issue of cover note: After the acceptance of the risk, the company will issue a cover note. the cover note contains details, about the name of the company, amount insured, premium, etc.

7. Issue of policy: the company will make a final policy on a proper form and hand over it to the insured.

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