Page 30 - Marine Insurance IC67 EBOOK
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TARIFF FOR INLAND 4. Short period cover :
VESSELS Insurance for less than 12 months may be granted
by charging 1/8th of the annual rate per month or
1. Scope: part thereof.
This Tariff applies to all Inland Vessels with GRT
not exceeding 2000 Tons and plying in Inland Premium Rates for all covers for a period less
waters of India. Where the GRT of a Vessel than one year shall be on pro-rate daily basis for
exceeds 2000 Tons, the matter shall be referred new attachments to an existing fleet.
to the Committee for Initial Rating.
Increase and Decrease in sum
Definition: insured for h&m interest :
a) Inland Vessels : All types of Vessels such as
A) Increase in sum insured :
Barges, Pontoons, Flats, Floating Cranes, i) Where a Vessel in insured on TL/CTL
Launches, Passenger Vessels, Tugs and Port
Crafts employed in Inland Waters. Conditions including Salvage Charges, current
b) Inland Waters : All sheltered and protected H&M rate shall apply to the increase in the
water such as : Sum Insured for H&M Interest.
(i) Harbour Waters; ii) Where a Vessel is insured on conditions
(ii) Back Waters; wider than (i) above, Additional Premium on
(iii) Sea Water within a radius of 12 N. M. from the increase in Sum Insured (on renewal or
the Prominent Point of a named Port during currency of policy) shall be calculated
designated by Port Authorities/Customs as follows :
Authorities/Local Authorities; and
(iv) River Waters, Canal Waters, Lake Waters and Age of Vessel on Basis
the like. the date of
Increase 1/3rd of the increase at the
2. Cancellation returns only (CRO) : a) 1 to 14 years current H & M rate.
All Inland Vessels except those insured subject 2/3rds of the increase at the
to ITC Hulls-Port Risks or any other similar clause b) 15 years Total Loss rate.
where there is no provision for granting of lay-up and over Current H&M rate shall
refund, shall be granted cover subject to CRO apply.
terms, for which a discount of 5% may be
allowed. iii. Where an increase in Sum Insured is brought
about, in part or in full, by the installation of
CRO conditions mean that an appropriate additional equipment(s), the current H&M rate shall
premium will be refunded only on cancellation of be applied on the Sum Insured of such additional
policy and no refunds will be recoverable under equipment and the balance, if any, as in (ii) above.
the policy on account of the insured vessel being N.B.: Any increase must remain effective from
laid up. the time of the increase to the expiry of the Policy
i.e. the original Sum Insured cannot be reverted
3. Standard sets of conditions and trading to on the same terms.
warranties
Vessels shall be covered subject to the standard (B) Decrease in sum insured :
sets of Conditions and Trading Warranties only as Reduction in premium for decrease in Sum Insured
laid down in Sub-Section 2 and 3 of this Tariff. shall be calculated on the existing Total Loss Rate.
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