Page 28 - Marine Insurance IC67 EBOOK
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l In case of vessel(s) attaching to new fleets The deductible would be as below:
i.e. fleets which might be coming into
existence with the acquisition of the vessel(s) H & M Sum Insured Deductibles
to be rated or fleets which have not completed (Rs.)
1 year, this provision will have no relevance.
H&M Sum Insured above Rs.100 35 lacs
4. Rating of subsidiary interests: crs but not above Rs.125 crs
For fixing rates on Subsidiary Interests, H&M sum Insured above Rs.125 35 lacs
Insurers may refer to the provisions contained crs.but not above Rs.150 crs.
under Rule 30 of Section I : General Rules
and Regulations incorporated in the Marine H&M Sum Insured aboveRs.150 50 lacs
Hull Manual. crs but not above Rs.175 crs
5. Deductible: H&M Sum Insured above Rs.175 50 lacs
crs. but not above Rs.200 crs.
1. H & M Sum Insured not Exceeding Rs.100
crores H&M Sum Insured above Rs.200 50 lacs
crs. but not above Rs.250 crs.
Deductibles shall be fixed as per Section II -
Initial Rating - Rule 5 of the Manual which is H&M Sum Insured above 50 lacs
to be applied with following modifications: Rs.250 crs.
Deductibles on such vessels to be worked out Increase/Decrease-in-Value:
as per the said Rule by taking into account
appropriate loading for age exceeding 20 The provision contained under Section I :
years, wherever applicable, and / or loading General Rules and Regulations: Rule 18 of
for Fleet Rating Level, if warranted. Thereafter, the Marine Hull Manual will apply to all
the existing limitation in terms of vessel's age vessels irrespective of their Sums Insured.
and sum insured are to be taken into
consideration, wherever applicable. However, 7) Compulsory Valuation by
in cases where the deductibles worked out on
the above basis would be seen to exceed International Agencies :
Rs.30 lacs, the same would be pegged at
Rs.30 lacs. u Insurers are required to insist on compulsory
u H & M Sum Insured Exceeding Rs.100 crores valuation for all vessels in the following cases:
1. at the time of attachment to a fleet; and
2. at the time of change in its sum insured for
any reason whatsoever.
The valuation will be done by one of the
international agencies.
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