SYMBIOSIS INSTITUTE OF INTERNATIONAL BUSINESS

Ex. MASTER OF BUSINESS ADMINISTRATION (INTERNATIONAL BUSINESS)

(2009-12)

Name : Sagar Zawar

Roll Number : 09020244008

Email ID : sagarzawar@gmail.com
Mobile : 9823182821

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 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:

Superior Capital Position

Strong Operating Performance

Only Company to develop significant International operations, long record of

successful trading outside India.
 Organisation chart
Shri A R Sekar : Chairman-cum-Managing Director (Current-
In Charge)
cmd.nia@newindia.co.in

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

General Manager

Smt Gopa Ray : General Manager & Chief Vigilance Officer

Pune 

Mr. S. Venkatachari :DY.Gen.Manager Regional Manager

Mrs. V. S. Jadhav : B.M

 Marine Hull Policy
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 who

have Insurable interest.

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

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
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 :

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 harbor equipment or installation.
Earthquake volcanic eruption or lightning. Crew Negligence.
 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 war employing 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
 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 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
 Marine Hull Policy
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 fire.

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

-  All steps to minimise loss as prudent uninsured.

 Marine Hull Policy
Documentation :

-   Certified copy of note of protest by master

-   Marine casualty form issued by M.M.D.
-   Insured'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 chief engineer of the vessel.
-   Log Book extracts (Engine & Deck )
-   Crew list with details of competency certificates.
-   Copy of Claim bill with supporting documents.
 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
 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 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.

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.
 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.
 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 :

I. Bill of Lading / AWB/GR

II. Packing list
III. Copies of correspondence exchanged 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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