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India’s maiden P&I insurance cover launched

The country’s first P&I insurance cover, brought out by New India Assurance Co. Ltd (NIA) along with The Maritime Protection & Indemnity Association of India, was launched at a well-attended function at the Shipping Corporation of India (SCI) auditorium here on May 31, 2018. The occasion was graced as Chief Guest by Ms Malini Shankar, IAS, Director-General of Shipping, and presided over by Capt. Anoop Kumar Sharma, CMD, SCI.

 The idea for the New India Assurance P&I cover was given by Shipping Veteran Capt. J C Anand, Chairman – MPIAI who ran the Indian Register of Shipping (IRS) for many years and was instrumental in the Indian ship classification society gaining full member status at the International Association of Classification Societies (IACS).

The protection and indemnity cover is initially for inland and coastal vessels. With this, New India Assurance has stepped into the P&I arena, a field dominated by foreign players. As per a release, in India there is no P&I Club. Shipowners buy cover from the international market under the exemption permitted by IRDAI.

Features of the cover

* Vessels covered: Initially, the vessels covered are vessels in Indian waters like dry cargo vessels, tugs, barges, etc. In the later years, the cover might be extended to ocean-going vessels.
* The Sum Insured for each vessel shall be $5 million (Rs 33 crore).
* The product has been filed with IRDAI and all regulatory approvals have been taken.
* There is no provision for any Condition Survey for vessels less than 10 years.
* The product has been backed by reputed Reinsurers and P&I Clubs.

Risks covered

* Third-Party Liabilities arising out of the use and operation of coastal vessels
* Pollution
* Fines
* Collision Liability
* Cargo Liabilities
* Crew Liabilities
* Wreck Removal
* General Average
* Sue & Labour
* Defence cover for legal costs
* War protection and indemnity cover

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