Page 31 - Marine Insurance IC67 EBOOK

The Insurance Times

However, where Sum Insured is reduced beyond subject to a total deduction of 15% by way of
25% of the existing Sum Insured during any one Discount to Shipowners and Commission to
policy period, the Total Loss Premium on reduced Agents.
Sum Insured shall be recalculated at the
enhanced TL rate as under : TARIFF FOR DREDGERS

Percentage of Reduction in Percentage of Increase in

Sum Insured Total Loss Rate (1) Scope :

(i) Above 25% but below 35% 15% This Tariff is applicable to all types of
Dredgers (mechanized or non-mechanised)
(ii) Above 35% but below 50% 30% plying in sheltered and protected waters of

(iii) 50% and above Refer to the Committee

The refund of premium may be allowed after rivers/creeks/all other inland waters/backwaters/
arriving at the Total Loss Premium on reduced ports in India but not to proceed beyond 12 N.M.
Sum Insured at the enhanced Total Loss Rate. into the sea from the prominent point of a named
port designated by Port Authorities/Customs

6. Rating of attachments Authorities/Local Authorities.

New Attachment(s) to a fleet shall not attract any Further, this Tariff is applicable to fleets owning
loading on account of the Fleet's rating level being Dredgers only, where the total number of Dredgers
increased by past penalties. is not over 10 and the total H & M Sum Insured

of the fleet is not over Rupees 2 crores.
However, if a penalty for the fleet is warranted in

any renewal year, a new Vessel or Vessels, which (2) Short period cover :
joins/join the fleet during that renewal year, shall Insurance for less than 12 months may be granted
attract only such penalty which is warranted or by charging 1/8th of the annual rate per month or
has been imposed for that renewal year during part thereof.
which attachment(s) is/are made. Further, if for

good past claims experience, the rating level of (3) Instalment clause :
the fleet is lower than the fleet's original rating Where cover is granted for 12 months, Insurers
level, the New Attachment(s) will get the benefit of may collect premium in 4 equal installments on
such reduced rating level in full. quarterly basis, as is being done for ocean-going

Vessels.
7. Rating of vessels during conversion/

jumboisation : Further, if the cover is taken for less than 12
When the Conversion/Jumboisation process starts, months, facility to pay premium in instalments
the existing conditions of cover, including Port Risks shall not be granted.
Cover, shall be discontinued and cover as per Tariff

for Builder's Risks Insurance shall be given. (4) Fleet discount :

8. Rating after conversion/jumboisation : No fleet discount shall be allowable on the rates
After Conversion/Jumboisation, the TL and OTL contained in this Tariff irrespective of the number
rates obtaining on the Vessel prior to Conversion/ of Dredgers owned by Company.

Jumboisation should be allowed to continue on (5) Agency commission :
the new Sum Insured and Tonnage also.
Rates under this Tariff are subject to 5% Agency

9. Owner's discount/agency commission : Commission or 5% Special Discount in lieu

Rates provided under this Tariff and gross and thereof, wherever applicable.

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