Export Insurance: Symbiosis Institute of International Business
Export Insurance: Symbiosis Institute of International Business
Export Insurance: Symbiosis Institute of International Business
EXPORT INSURANCE
Insurance
New India is a leading global insurance group, with offices and branches
throughout India and various countries abroad. The company services the Indian
subcontinent with a network of 1068 offices, comprising 26 Regional offices, 393
Divisional offices and 648 branches. With approximately 21000 employees, New
India has the largest number of specialist and technically qualified personnel at all
levels of management, who are empowered to underwrite and settle claims of high
magnitude.
New India has been rated "A-" (Excellent) by A.M.Best Co., making it the only
Indian insurance company to have been rated by an international rating agency.
Rating based on following factors:
Pune
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 ,Port Crafts ,Shipbuilding- construction of vessel ,Ship Repairers'
Liabilities ,Charterers Liabilities ,Breaches of warranties / voyage cover ,Freight- at
-Risks insurance for voyages ,Dredgers ,Fishing vessels / Trawlers ,Sailing
Vessels ,Jetties ( with or without cranes ), fixed pontoons/Pontoons Jetties, wharves
etc.
Shipbreaking
Marine Hull Policy
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 Disbursements, General
Average Disbursements, Ship Repairers' Liabilities, Shipbuilding Risks, Ship breaking
Risks and other allied interests of whatsoever nature required to be insured in India.
Perils / Risks
(A)The policy covers perils of the seas, rivers, lakes or other navigable waters
loss/damage to the property insured caused by :
- Giving brief details as to name of vessel, place of occurrence, date & time of casualty,
circumstances leading to incident.
This policy covers goods, freight and other interests against loss or damage to goods
whilst being transported by rail,road,sea and/or air.
Highlights:
•This policy covers goods, freight and other interests against loss or damage to
goods whilst being transported by rail,road,sea and/or air.
Scope:
Specific Policy -
Open cover -
This policy which is issued for a policy period of one year indicates the rates, terms and
conditions agreed upon by the insured and insurer to cover the consignments to be
imported or exported. A declaration is to be made to the insurance company as and
when a consignment is to be sent along with the premium at the agreed rate. The
insurance co. will then issue a certificate covering the declared consignment.
This policy covers loss of custom duty paid in case goods arrive in damaged condition.
This policy can be taken even if the overseas transit has been covered by an insurance
company abroad, but it has to be taken before the goods arrive in India.
Marine Cargo Policy
Who can take the policy
The contract of sale would determine who buys the policy. The most common contracts
are :
In FOB AND C&F contracts, the buyer is responsible for insurance. Whereas in CIF
contracts the seller is responsible for insurance from his own premises to that of the
purchaser.
The sum insured or value of the policy would depend upon the type of contract. Usually,
in addition to the contract value 10/15% is added to take care of incidental cost.
Marine Cargo Policy
How to claim
The following steps should be taken in event of a loss or damage to goods insured :
A.Take immediate steps to minimise loss.
B.Inform nearest office of the insurance company or claim settling agent mentioned on
the policy.
C.In case of damage to goods whilst on ship or port , arrange for joint ship survey or
port survey.
D.Lodge monetary claim with carrier within stipulated time period.
E.Submit duly assigned insurance policy/certificate along with the original invoice and
other documents required to substantiate the claim such as :
F Survey fees is to be paid to the surveyor appointed by the insurance company. This
fees will be reimbursed along with the claim if the claim is otherwise admissible.
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