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Who can take the Policy?
Shipowners, charterers, Shipbuilders, bankers, financiers of Ships or vessels
who have Insurable interest.
Covers any loss or damage to ships, tankers, bulk carriers, smaller vessels,
fishing boats and sailing vessels.
What is covered?
All types of Oceangoing vessels
All type of Coastal/Inland vessels
Yard and pleasure Crafts
Shipbuilding- construction of vessel
Ship Repairers' Liabilities
Breaches of warranties / voyage cover
Freight- at -Risks insurance for voyages
Fishing vessels / Trawlers
Jetties ( with or without cranes ), fixed pontoons/Pontoons Jetties, wharves
Scope of Insurance Cover:
All risks relating to Vessels, Floating Dry Docks, Jetties and Shipowners'
Interests including Hull & Machinery (H&M), Freight, Disbursements, Increased
Value, Premium Reducing, Excess Liabilities, Protection and Indemnity (P&I)
Liabilities, Charterers' Liabilities, Charterers' Freight,
Charterers' Hire and/or Disbursments, General Average Disbursments, Ship
Repairers' Liabilities, Shipbuilding Risks, Shipbreaking Risks
and other allied interests of whatsoever nature required to be insured in
Perils / Risks
(A) The policy covers perils of the seas, rivers, lakes or other navigable
waters loss/damage to the property insured caused by:
Stranding, sinking etc.
Overturning, derailment ( of land conveyance )
Violent theft by persons outside the vessel.
General average sacrifice, sacrifice, salvage charges
Breakdown of or accident to nuclear installations or reactors
Contact with aircraft or similar objects, or objects falling therefrom, land
conveyance , dock or harbour equipment or installation.
Earthquake volcanic eruption or lightning.
The policy does not cover loss/ damage due to :
Deliberate damage/destruction of the vessel by wrongful act of any person
Use of any weapon of war employing atomic / nuclear fission and or fusion.
Radioactive Contamination, Chemical, Biochemical, Biological, Electromagnetic
Insolvency or financial default of the vessel owner /operators /charterers
War / civil war, Strike, Riot or Civil Commotion
Any terrorist or person/s acting with political motive
(B) COMPREHENSIVE PORT PACKAGE POLICIES:
Cover can be purchased by :-
- Port Authorities
- Port / Terminal operators
- Private Jetty Owners
Scope of Comprehensive covers :-
- Physical Damage
- Third Party Liability
- Business Interruption
- Wreck Removal
- - H & M Cover for Vessels
- Confiscation, requisition, detention
- Blocking of sewers, drains
- Wear & Tear, deterioration
- Error in design, workmanship
- Mechanical / Electrical Breakdown
(C) Oil & Energy Risk Insurnace Policies:
- Cover can be purchased by - Oil and Energy Industries.
- Scope of Comprehensive covers -
- Offshore / Onshore constructions / Erections ( Builders Risks )
- Production / Operation Cover - Well head platform/ process platform.
- Exploratory Drilling (Offshore - Jack Up Rigs, Drilling Rigs, Semi Submersibles etc. Onshore- Fixed Land rigs, Mobile Land Rigs, Work-over Land rigs)
- Seismic Survey
- Single Buoy Mooring ( SBM )
- Under water pipeline / Cable Insurance
Claim Intimation and Steps to be Taken by Owners:
In the event of casualty likely to give rise to a claim
- Immediate notice to policy issuing office.
- Giving brief details as to name of vessel, place of
occurrence, date & time of casualty, circumstances leading to incident.
- Seek appointment of surveyor to inspect and assess loss.
- In case of theft please notify police.
- In case of fire assistance of fire brigade to extinguish
- Appointment of adjuster in case of Oceangoing Vessels where
- All steps to minimise loss as prudent uninsured.
- Certified copy of note of protest by
- Marine casualty form issued by M.M.D.
- Insured's report on occurrence.
- Survey Report
- Original Repair Bill, cash memo,
- Weather Report by Meteorological Dept.
- Affidavits filed by rescue vessels
- Certificate of survey for inland vessels
- Registry certificate
- Free board certificate
- Loadline certificate (where applicable )
- Status / copies of Mandatory
- Notarized statements of master and chief
engineer of the vessel.
- Log Book extracts (Engine & Deck )
- Crew list with details of competency
- Copy of Claim bill with supporting
Why New India for the lead mandate?
- Superior Financial Strength - Indian Premium / Overseas Premium / Profit / Net Worth etc.
- M/s. A.M. Best (Europe) have conferred "A" Excellent Rating based on Superior Credit Position.
- New India has Largest Retention Capacity and Deductible Buy-Back
in Indian Hull Market
- Overwhelming Global Presence vis-a-vis Other PSUs / Our London Office can help Liaise with Brokers & Re-insurers in Placement and Servicing.
- Leader in Non-Life Insurance.
- More Experience of Mega-Policies useful for New India and Placements / Proves High Level of Market Confidence in our Security and Services.
- Better Day-to-Day Liaisoning with our Head Office being in Mumbai.
- Overseas Operation in 23 Countries.
Note: Policy details given are indicative, not exhaustive. Please contact your nearest NIA office for further details.
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