Insurance Claims

You can submit a claim in the event of the following type of loss:

• Partial loss

The insured is allowed to make a claim for certain expenses in the event of a partial loss that resulted from a covered peril. This can include costs incurred to salvage items from damage, and testing of machineries.

• Actual total loss

A claim can be made under this category if the goods are destroyed or lost by a covered peril, ceases to be its original form (e.g, salt soaked by water), or can no longer retrieve its insured item (e.g, an antique that has sank to the bottom of the sea).

• Constructive total loss

This occurs when the cost of repairing or recovering the item will exceed the value of the item itself.

• General average loss

In the event where possessions are sacrificed to protect a bigger loss, the owner(s) of item(s) saved will have to contribute to the compensation of the other party. For example, carpets are used to put out a fire to save the ship and other cargoes.