Assured Standard Logo
FREE Quote

How Long It Takes To Settle A Cargo Insurance Claim

How Long It Takes To Settle A Cargo Insurance Claim

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. 

Learn more about how to find a reputable trucking insurance agent at Assured Standard!

Was this article helpful?
YesNo
About the Author
assured standard logo
Assured Standard will protect your business with the right insurance, depending on your needs. Now more than ever, it’s crucial to have the right general liability insurance experts on your side. Protecting the future of your business starts today.
Commercial Truck Insurance
Business Insurance
Copyright © 2023 Assured Standard. All Rights Reserved.
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram