Companies that invest in cargo insurance may eventually have to go through the process of filing a claim. From start to finish, the settlement can take several months, depending on when it was filed. Cargo claims need to be filed within nine months from the date of delivery. In contrast, US ocean carriers need to file a claim within three days of delivery under the COGSA.
To expedite the cargo insurance claims process, you’ll need to have documents including the packing slip, signed proof of delivery, original invoice, and photos of the damaged cargo. After this, the carrier will have 30 days to acknowledge the claim and investigate the incident.
The review process may take some time since the total extent of the damage needs to be determined. It may take up to 120 days to give you their final decision. However, if the claim is declined, it may take even longer than usual.
In the event that your claim is denied, the claimant might be able to submit further evidence supporting their claim. Once the claim is finally approved, the payment will be sent to the claimant’s company. This may take around 10 business days, depending on the insurance company.
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Ora Price is a licensed insurance producer. Since she majored in Finance at the University of San Diego, she knows how to deal with both clients and insurance providers alike.