Page 32 - Marine Insurance IC67 EBOOK
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(6) Cancellation returns only (CRO) : Similarly, cover shall be granted subject to one or
All the rates contained in this Tariff are subject to more of the Trading Warranties laid down in this
CRO conditions. Cover subject to 'Full Returns' Tariff only.
conditions shall not be granted.
2. Additional perils clause :
CRO conditions mean that an appropriate No cover shall be granted against IFVC (Additional
premium will be refunded only on cancellation of Perils) Clause 347 dated 20-7-87.
policy and no refunds will be recoverable under
the policy on account of the insured vessel being 3. Disbursement insurance for bunkers &
laid-up. spares :
No separate Insurance cover shall be granted for
(7) Valuation : Bunkers and Spares. However, the Insured may
Insurers shall satisfy themselves about the be allowed to include the cost of Bunkers and
valuation of the Dredgers being insured by them. Spares in the H & M Sum Insured.
(8) Splitting of values : 4. Cover on fish catch :
The Policy shall be issued only for the aggregate No cover shall be granted on Fish Catch on board
value of Hull, Machinery and Accessories and Fishing Vessels/Trawlers.
separate values of these items shall not be shown
therein. 5. Fishing vessels/trawlers on hard :
Insurance of Fishing Vessels Trawlers laid-up on
(9) S.R.C.C. Cover : hard should be granted only in Marine Hull Dept.
Cover may be extended to include SRCC risks
subject to Strike Clauses - Hulls (Time) as given 6. Cover for nets
in Annexure 'J'. No Insurer in India is permitted to grant wider
cover than that available under I.F.V.C. dated 20-
TARIFF FOR FISHING 7-87.
VESSELS/TRAWLERS
Fishing Nets whilst on shore under repair or
1. Scope : otherwise or whilst stored in Godowns can be
This Tariff is applicable to all Fishing Vessels/ covered against perils like fire, theft and burglary
Trawlers (Mechanised or Non-Mechanised) valued in other Departments concerned and no such
upto Rs. 100 lakhs. This Tariff is also applicable cover shall be granted under Marine Hull
to Vallams & Catamarans as per rates, terms and Department.
conditions provided under Sub-Section 4.
In other words, no separate cover for Fishing Nets
This Tariff is applicable to Mechanised and Non- alone is to be granted in the Marine Hull Dept.
Mechanised Fishing Vessels engaged in fishing
and other operations connected therewith, Whilst Vessels are laid up for repair or painting,
including customary towage. cover for fishing nets on board the Vessels shall
continue as per the perils under relevant Institute
Vessels falling under the purview of this Tariff shall Clause subject to which the Vessels are insured.
be insured subject to one of the Conditions of
Insurance laid down in this Tariff and cover shall However, when the Net is not on the Vessel, the
not be granted subject to any other Condition Sum Insured of the Vessel shall not be reduced.
During such times, if the Vessel becomes a Total
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