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.
* 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
* 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
* There is no provision for any Condition Survey for vessels less than 10
* The product has been backed by reputed Reinsurers and P&I Clubs.
* Third-Party Liabilities arising out of
the use and operation of coastal vessels
* Collision Liability
* Cargo Liabilities
* Crew Liabilities
* Wreck Removal
* General Average
* Sue & Labour
* Defence cover for legal costs
* War protection and indemnity cover