With a cargo loss, what you do in the first 24 hours can decide whether the claim is paid. Delay in notifying the carrier, ordering a survey or preserving evidence can lead to a declined claim. Here is the 5-step claim process, the documents you need, and N2N's hands-on support.
Give immediate written notice to the carrier / bailee responsible for the loss. For air carriage the legal deadline is 14 days. Missing it can release the carrier under the terms on the back of the transport document (B/L / AWB).
cargoinsu shippers should notify us at once on +82-10-5755-6465 or sales@cargoinsu.com. Our ACIU underwriter will guide you through the adjustment process.
Do not repair or dispose of anything. Keep the container seal, packaging and damaged cargo as they are. Disposal makes the loss impossible to prove → risk of a declined claim.
Take photos from several angles — the whole cargo, the damaged part, damaged packaging, the stow inside the container (before opening) and the seal. Timestamps recommended.
If the condition is unclear, take delivery marked "subject to inspection". Signing a clean receipt can bar a later claim.
The shipper sends a written Claim Notice to the carrier and notifies the insurer / N2N. Complete within 24 hours.
If the estimated loss is KRW 2 million or more, an authorised adjuster attends the scene. Smaller losses may be assessed on documents.
The Assured submits the policy, B/L, invoice and packing list plus the loss documents. N2N checks for anything missing.
The insurer decides whether the loss is covered and assesses the amount. If an exclusion applies, the reason is explained.
The Assured assigns its third-party recovery rights to the insurer (Letter of Subrogation) and receives payment. The insurer then pursues recovery.
For exports the loss occurs abroad, so the local survey → transmission to Korea can take longer. An insurer with a global network helps.
Imports are adjusted and settled within Korea, so processing is faster. All six cargoinsu insurers run their own adjustment in Korea.
Small losses under KRW 2 million are often paid quickly on documents, without a survey.
Repairer's estimate / receipt / invoice. Includes parts + labour + transport.
Disposal certificate from a waste contractor. Proves nil salvage.
Proof of the original list price + proof of the reduced price (sale receipt). The difference is the loss.
The right to claim under the policy runs for 3 years from the date of loss (Insurance Business Act, art. 662). In practice, prompt claiming is essential — evidence is hard to preserve as time passes.
Separately, the limitation period for claims against the sea carrier is 1 year. The insurer must pursue recovery against the carrier within that year, so the shipper should cooperate with the insurer's recovery action after being paid.
For cargoinsu shippers, our ACIU underwriter stays with you through the whole adjustment. We deal directly with the insurer's adjuster, so you only prepare the documents.
The moment you notify a loss, N2N is alongside you for carrier notice, evidence preservation and ordering the survey. You only prepare photos and documents.
N2N attends the surveyor's site visit, reviews the report and negotiates an interpretation in your favour.
If the insurer asserts an exclusion, we challenge the clause interpretation with ACIU expertise, with the leverage of comparing six insurers.
If payment is delayed, N2N presses the insurer directly. You stay focused on your business.
For cargoinsu shippers, saving time is the key to recovery.
