Page 25 - Marine Insurance IC67 EBOOK
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The Insurance Times
Annexure 'A"
Rating Guidelines for Initial Rating of Ocean-going vessels (Effective Date 1.4.2001)
(Please refer TAC Circular M.Hull/Cir-1/2001 dated 26th March, 2001)
Rating Guidelines for Initial Rating of Ocean-going Vessels (Effective Date 1.4.2001)
1. General: but not exceeding Rs.125 crores.
u These Guidelines apply to all Ocean-going 3. H&M Sum Insured exceeding Rs.125 crores
Vessels registered under the Merchant but not exceeding Rs.150 crores
Shipping Act 1935, irrespective of their Sums
Insured and attaching to any existing or new 4. H&M Sum Insured exceeding Rs.150 crores
fleet on or after 1.4.2001. but hot exceeding Rs.175 crores.
u These Guidelines are subject to the provisions 5. H&M Sum Insured exceeding Rs. 175 crores
laid down in the Marine Hull Manual (amended but not exceeding Rs.200 crores
15.11.2000) insofar as applicable and hence,
should be read in conjunction therewith. 6. H&M Sum Insured exceeding Rs.200 crores
but not exceeding Rs.250 crores
u Insurers are required to fix rates, on new
attachments as per the procedure provided 7. H&M Sum Insured exceeding $s.250 crores
herein on provisional basis and forward a duly
completed Marine Hull Initial Rating (MHIR) The rates contained in TL and OTL Matrices for
form to the TAC for approval, as prescribed various types of vessels are the Basic Rates for
under Section II of the Manual. Such certain Age groups and Tonnage/BHP groups
applications should be submitted within 30 corresponding to:
days from the date of attachment of risk and 1. Standard Trading Warranty viz. Institute
Committee will advise the rates to the
concerned insurer within 30 days from receipt Warranties 1.7.76 (i.e. 'F'): and
of the said application.
2. Standard Conditions of Insurance viz. Institute
2. Rating of Hull & Machinery (H&M) Time Clauses Hulls 1.10.83
interests:
Wherever the Trading Warranty and/or Conditions
To arrive at the rates, a reference is to be of Insurance of a new attachment are/is at
made to the matrices of Total Loss (TL) and variance with the above loading or discount, as
Other than Total Loss (OTL) rates given as under, is to be applied on the Basic Rates for
annexures to these Guidelines which Total Loss/Other than Total Loss:
correspond to different types of Vessels and
Sums Insured. A. Standard Trading Warranty:
These matrices have been laid down for the The Matrices have been prepared for the
following slabs of H&M Sum Insured: Institute Warranties 1.7.76 i.e. Trading
1. H & M sum Insured not exceeding Rs.100 Warranty 'F'. * Wherever insurance for
restricted Trading Warranties is sought, the
crores relevant Matrix for "Other than Total Loss'
Rates be reduced to the following
2. H&M Sum Insured exceeding Rs.100 crores percentages:
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