Page 33 - Marine Insurance IC67 EBOOK
P. 33
The Insurance Times
Loss, claims will be paid subject to deduction for Cover Rate
the Net. For this purpose, the value of Fishing Net 0.05% p.a.
needs to be ascertained at inception. For restricted conditions (I.F.V.C.
dt. 20-7-87 but limited to pay only 0.10% p.a.
7. Minimum premium : TL/CTL including Salvage, Salvage
Minimum Premium of Rs. 1000/- per Vessel may Charges and Sue and Labour).
be charged.
For wider conditions i.e. I.F.V.C.
8. Short period cover : dt. 20-7-87 with Clause 20 (P & I
Short period cover for a period more than 3 Risks) deleted or I.F.V.C. dt. 20-7-87.
months but less than 12 months may be granted
by charging 1/8th of the Annual Rate per month or Mid term cover : It is permissible to grant mid-
part thereof. No instalment facility shall be granted term cover against SRCC risks during the
for short period covers. currency of the Policy, subject to following :
i. Insurers must receive specific advice from
9. Fleet discount :
Where the ownership consists of 10 or more Insureds accompanied by payment of the
Fishing Vessels and maintenance is carried out required Additional Premium in cash or by
by the same Owner, a discount of 10% may be Draft only.
allowed off the final Tariff rates. Owner's Discount/ ii. Additional Premium shall be charged at short
Agency Commission shall be granted thereafter. period rates of 1/8th of annual rate per month
or part thereof subject to a minimum rate of
10. Owner's discount or agency commission : 0.025% for restricted cover and 0.05% for
The aggregate deduction from the premium rates wider conditions.
contained in this Tariff for Owner's Discount and iii. Cover shall commence 15 days after the
Agency Commission should not exceed 15%. The receipt of Premium by the Divisional/Branch
Quantum of Agency Commission shall be as per Office granting the cover and also Insurers
norms stipulated by GIC. must ensure that the effective date of cover
(i.e. 15 days after the date of receipt of
Premium) is clearly indicated in the
endorsement.
11. Splitting of values : 14. Personal accident cover :
The Policy shall be issued only for the aggregate Policies on Fishing Vessels/Trawlers with H & M
value of hull, Machinery and Accessories etc. and Sum Insured not exceeding Rs. 20 lakhs may be
separate values of these items shall not be shown extended by an endorsement to include P.A.
therein except the value of Fishing Net. cover for unnamed persons, including visitors to
the Vessel and for crew, limited to the certified
12. Cancellation returns only (CRO) : capacity, for different Sums Insured (to be opted
All the rates contained in this Tariff and subject to by the Insured) at premium as provided below :
CRO. Cover subject to Full Returns terms shall
not be granted. Sum Insured Premium
(per head) (Rs.) (per head) (Rs.)
13. S.R.C.C. : 25,000 15
Cover may be extended to include SRCC risks 50,000 30
subject to Strikes Clause-Hulls (Time) vide 75,000 45
Annexure 'J', at rates given below :
100,000 60
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