Page 36 - Marine Insurance IC67 EBOOK
P. 36
Latest Circulars
Underwriting guidelines for Wet Risk i) Copy of policies /Certificate
ii) Copy of invoice
It has been suggested during the GM's meet of iii) Non-negotiable copies of Bills of lading
PSU's Insurers that following risk to be termed as iv) Copy of packing list
wet risk. v) Amount of freight charges if available
vi) Details of container Numbers
"All works in water, in rivers, dams, canals, sea
including hydro electric projects, tunnels, irrigation Compliance of section 64VB to be verified
canals, caverns etc.
Confirmation as to whether the clauses included
And it should be rated accordingly. In all such in the policy such as classification Clause is
proposals the following discount and deductibles adhered to.
should be followed.
Once the above criterias are fulfilled you may
Premium Discount: forward the necessary documents physical/
Not exceeding 50% on erstwhile tariff rates. No scanned to Head Office for necessary approval to
further discount shall be allowed on any other issue general average guarantee . On obtaining
parameters like volume discount and higher written approval from Head office, you may issue
excess/ protection system etc. general average guarantee in the prescribed
format as given by the Average Adjusters on a
Deductibles: Rs.100/- Non-judicial stamp paper duly signed by
the officer in charge and office seal stamped
Material damage: appropriately.
5% of claim amount subject to a minimum of
Rs.50lakhs for normal loss and Rs.5crores for The counter guarantee from the insured to be
AOG/testing/Fire/Explosion/Collapse/Major perils. obtained also on a Rs.100/- non-judicial stamp
paper before issuing the average guarantee
ALOP/DSU: .(specimen enclosed)
30 days time excess minimum
------------------------------------------------------------------------ All necessary documents such as policy copy,
Bill of lading, commercial invoice, packing list,
19.7.2011 original average guarantee, container details,
Freight paid details may be directly forwarded by
PROCEDURE TO BE ADOPTED IN CASE OF the underwriting office to Average Adjusters.
GENERAL AVERAGE CLAIM
It is observed from the various intimations from It may be noted that Head office approval for
the Dos /ROs regarding declaration of general issuance of general Average Guarantee is a must.
Average that on many occasions intimations is Underwriting office should not give any guarantee
received by way of e-mail from the Insured. Kindly to the Adjusters directly as the wordings are to be
seek the following documents from the insured vetted by the H.O.
before the same is intimated to Head office foe
approval. ------------------------------------------------------------------------
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