Page 24 - Marine Insurance IC67 EBOOK
P. 24
However, if the expiring deductible of a facultatively (F) Time Limit for Submission of
rated vessel is found to be lower than what has Application to TAC:
been decided for such a vessel, as shown under
5(b) of the enclosed Rating Guidelines, the Effective 1.4.2001, Insurers are required to submit
expiring deductible would be enhanced taking into their Initial Rating Applications, in prescribed formats,
account the factors of its age (if over 20 years) to the Committee within 30 days from the date of
and Fleet Rating Level as applicable to vessels commencement of risk and the Committee will advise
with H&M sums Insured upto Rs.100 crores, as the rates to the concerned Insurer within 30 days
per the relevant provisions contained in the Marine form the date of receipt of the said application.
Hull Manual, subject to the e maximum amount
as prescribed under 5(b) of the enclosed Rating Whilst on this, the Committee has taken the
Guidelines. opportunity to amend the wording of Rule 3D
contained under Section III: Renewals of the
(E) Compulsory Valuation by Marine Hull Manual, as under:
International Agencies: 3(D) Adjustment for change in figures:
u Insurers are required to insist on compulsory Where the premium and/or claim figures submitted
with the previous renewal(s) underdog any revision
valuation for all vessels in the following cases: subsequently, for any reason whatsoever, so that the
terms of such previous renewal )s) would have been
1. at the time of attachment to a fleet; and affected, the rate is to be adjusted to what it would
have been, had the revised figures been available
2. at the time of change in its sum insured for originally and the Formula for Renewal then applied."
any reason other than currency fluctuation.
Insurers are requested to advise their operating
The valuation will be done by one of the offices suitably in the above regard.
international agencies as per the enclosed list
(Annexure 'B').
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