Page 35 - Marine Insurance IC67 EBOOK
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The Insurance Times
months and the process will be continued as should be secured properly and adequate
in (i) (a) and (b) above. watch and ward maintained throughout the
(iii) If Premium for the following quarter(s) is not period it remains therein."
received before expiry of the Policy/extention
endorsement period, risk under policy would 17. Warranty Regarding Registration and
lapse and new policy will be issued for three Licensing of Fishing Vessels/Trawlers :
months charging 40% of the Annual Premium All Policies issued in respect of Fishing Vessels/
once again. Trawlers must incorporate the following Warranty :
(2) H & M Sum Insured over Rs. 20 Lakhs : "Warranted vessel to comply with local laws and
For fishing vessels with H & M Sum Insured regulation with regard to registration and licensing."
exceeding Rs. 20 lakhs, the Premium Instalment
Clause vide Annexure 'D' shall be used. 18. Increase/decrease-in-value
Where there is an Increase/Decrease-in-Value in
N.B. : respect of Vessels rated under this Tariff, the
a. Short period cover for a period more than 3 Vessel shall be rated afresh as per the norms
applicable for Vessels with such Sums Insured. If
months but less than 12 months may be the value of vessel falling beyond the purview of
granted by charging 1/8th of the Annual Rate this Tariff is so decreased that the H & M Sum
per month or part thereof. No instalment facility Insured comes down to Rs. 100 lakhs or below,
shall be granted for short period covers. the Vessel shall be rated as per this Tariff.
b. Where the Insured is prepared to pay the full
Annual Premium at the inception of the risk, 19. Rating of New Attachments :
an Annual Policy can be issued. New Attachments to a fleet shall not attract any
c. If a Fishing Vessel is sold during the currency loading on account of fleet's rating level being
of the policy, the number of days for which increased by past penalties.
pro-rate refund is to be given, shall be
calculated according to the specific policy In the year of attachment of a new Vessel(s), if a
period for which the vessel was insured i.e. 3 penalty on the fleet is warranted or has been
months or 6 months, as the case may be. imposed, such Vessel(s) shall attract only such
penalty which is warranted or has been imposed
16. Adverse weather warranty : for the year of attachment. However, if for good
All Policies shall contain the following Warranty : past claims experience, the Rating Level of the
fleet is lower than the fleet's original Rating Level,
1) Warranted Vessel when not employed, shall the new attachment(s) will get the benefit of such
be safely anchored or moored or secured. reduced Rating Level.
2) Warranted Vessel shall not be employed 20. Initial Rating :
during adverse weather conditions notified by Initial Rating in respect of Fishing Vessels/
the concerned Port Authorities and/or Trawlers valued upto Rs. 100 lakhs shall be done
Directorate of Fisheries. as per this Tariff and no reference shall be made
to the Committee.
3) (a) Warrated during adverse weather, Vessel
shall remain in safe waters properly moored, Fishing Vessels/Trawlers valued over 100 lakhs
and (b) If already at sea, shall return forthwith shall, however, be referred to the Committee for
as soon as they become aware of the adverse Initial Rating.
weather warning; and (c) Vessel shall be
manned adequately at all times except when
in harbour, seltered/safe waters when it
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