export insurance final

8/8/2019 Export Insurance Final

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EXPORT INSURANCE

SYMBIOSIS INSTITUTE OF INTERNATIONAL BUSINESS

Ex. MASTER OF BUSINESS ADMINISTRATION (INTERNATIONAL BUSINESS)

(2009-12)

Name : Sagar Zawar

Roll Number : 09020244008

Email ID : [email protected] : 9823182821


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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

large

st numbe

r of spe

cialist and te

chnically qualifie

d pe

rsonne

l at alllevels 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:

Superior Capital Position

Strong Operating Performance

Only Company to develop significant International operations, long record of

successful trading outside India.

Insurance


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Shri A R Sekar : Chairman-cum-Managing Director (Current-

In Charge)

[email protected]

Shri J K Gupta : Director & Co. Secretary, Financial Advisor,

Gen

eral Manag

er

Smt Gopa Ray : General Manager & Chief Vigilance Officer

Pune

Mr. S. Venkatachari :DY.Ge

n.Manager R

egional Manag

er

Mrs. V. S. Jadhav : B.M

Organisation chart


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Highlights :

Covers any loss or damage to ships, tankers, bulk carriers, smaller vessels, fishing

boats and sailing vessels.

Who can take the Policy?

Shipowners, charterers, Shipbuilders, bankers, financiers of Ships or vessels whohave Insurable interest.

What is covered?

All types of Oceangoing vessels , All type of Coastal/Inland vessels ,Yard and

pleasur

eCrafts ,Port Crafts ,Shipbuilding- construction of v

ess

el ,Ship R

epair

ers'Liabilities ,Charterers Liabilities ,Br eaches of warranties / voyage cover ,Fr eight- at -

Risks insurance for voyages ,Dr edgers ,Fishing vessels / Trawlers ,Sailing Vessels

,Jetties ( with or without cranes ), fixed pontoons/Pontoons Jetties, wharves etc.

Shipbreaking

Marine Hull Policy


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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 Disbursements, General Average

Disbursements, Ship Repairers' Liabilities, Shipbuilding Risks, Ship breaking Risksand 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 :

fire, explosion, Stranding, sinking etc.overturning, derailment ( of land conveyance

),Violent theft by persons outside the vessel. Collision, General average sacrifice,

sacrifice, salvage charges,Jettisons,Piracy,Breakdown of or accident to nuclear

installations or reactors, Contact with aircraft or similar objects, or objects falling

there from, land conveyance , dock or harborequipment or installation.

Earthquake volcanic eruption or lightning. Crew Negligence.

Marine Hull Policy


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Marine Hull Policy

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 waremploying atomic / nuclear fission and or fusion.

Radioactive Contamination, Chemical, Biochemical, Biological, Electromagnetic Weapons.

Insolvency or financial default of the vessel owner /operators /charterers

War / civil war, Strike, Riot or Civil Commotion; and

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

- Terrorism

- Wreck Removal

- H & M Cover for Vessels


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Marine Hull Policy

Exclusions :-

- Confiscation, requisition, detention- Blocking of sewers, drains

- Wear & Tear, deterioration

- Error in design, workmanship

- Mechanical / Electrical Breakdown

(C) Oil & Energy Risk Insurance Policies:

Cover can be purchased by - Oil and Energy Industries.

Scope of Comprehensive covers -

- Offshore / Onshore constructions / Erections ( Builders Risks )

- Production / Operation Cov

er - W

ell h

ead platform/ proc

ess 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


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Marine Hull Policy

Claim Intimation and steps to be taken by owners:

In theevent 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 fire.

- Appointment of adjuster in case of Oceangoing Vessels where necessary.

- All steps to minimise loss as prudent uninsured.


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Marine Hull Policy

Documentation :

- Certified copy of note of protest by master- Marine casualty form issued by M.M.D.

- Insur ed's report on occurrence.

- Survey Report

- Original Repair Bill, cash memo, Invoices

- Weather Report by Meteorological Dept.

- Affidavits filed by rescue vessels

- Certificate of survey for inland vessels

- Registry certificate

- Free board certificate

- Load line certificate (where applicable )

- Status / copies of Mandatory certificates

- Notarized statements of master and chiefengineer of the vessel.- Log Book extracts (Engine & Deck )

- Crew list with details of competency certificates.

- Copy of Claim bill with supporting documents.


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Marine Cargo Policy

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.

Different policies are available depending on the type of coverage required

ranging from an ALL RISK cover to a restricted FIRE RISK ONLY cover.

This policy is freely assignable and is basically an agreed value policy.

Scope:

Transportation of goods can be broadly classified into three categories:

I. Inland Transport

II. Import

III. Export


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Marine Cargo Policy

For Import/Export

Specific Policy -

For covering a specific import/export consignment.

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 orexported. 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.

Custom duty cover-

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.


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Marine Cargo Policy

Who can take the policy

The contract of sale would determine who buys the policy. The most common contracts

are :

FOB (Free on Board)

C & F (Cost & Freight)

CIF (Cost, Insurance & Freight)

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.

How to select the sum insured

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.


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Marine Cargo PolicyHow 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 :

I. Bill of Lading / AWB/GR

II. Packing list

III. Copies of correspondenceexchanged with carriers.

IV. Copy of notice served on carriers along with acknowledgment/receipt.V. Shortage/Damage Certificate issued by carriers.

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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