Page 36 - Insurance Times February 2016

O The policy shall be subject to supervised loading and deterioration,contamination and unexplained short-
discharge of cargo by the surveyors nominated by age. The cover also excludes payment of ransom
the underwriters. arising out of PA/GA.

O The cover excludes midstream loading/discharge, O The policy shall be subject to Co-mingled clause,

lighterage and transportation of goods by barges. How- Institute Classification Clause and ISM endorsement

ever, if the cover is granted, the same shall be re- and Sanction Limitation and Exclusion Clause.

stricted to ICC ( C) only. The cover for spontaneous

combustion during ocean voyage may be granted but Conclusion
subject to an excess of at least 1.5% on the value
of the whole consignment. The cover for spontane- An ISO container may be stuffed for carriage of bagged
ous combustion during transportation by barges and in- coal.If Open top, half-height, or closed box containers are
land vessel/conveyance should not be granted. used for bulk, the containers should be properly lined
against abrasive damage and dirt by lining the whole con-

O The cover excludes rain, sea water damage, theft tainer with plastic sheet or similar kind of articles.Explosives

and pilferage during storage in open and during trans- are not permitted to be put in a hold carrying coal in any

portation by open wagon even in the ordinary course compartment to avoid explosion. Coals of all types may be

of transit. carried safely if they are handled, loaded and stowed prop-

O The cover excludes moisture loss, loss of calorific value, erly with due regard to their particular properties.

Press Release

An Outlook for the Year 2016

K.G.Krishnamoorthy Rao, Managing Director and Chief nancially stable we are. People are gradually realising that
Executive Officer, Future the right insurance covers protecting all their assets is a
Generali India Insurance must. Especially, there is an increasing trend of people
Company Limited has re- registering for health insurance. This is mostly due to tre-
cently shared his views on mendous inflation in healthcare costs which has made it
insurance as well as almost impossible for a person to undergo any major
comerciallization benefit to medical treatment without support from an insurer.
India.His perspective is dis-
cussed below. On the commercial side as well, we see a silver lining.
With our PM's 'Make in India' effort and other reforms,
Year 2015 has been an event- we see an upsurge in the manufacturing sector which is
ful year for India. The range proving to be a boon for the growth of Property and
of policy initiatives taken by Marine Cargo insurance. Also the stalled infrastructure
the Government and the projects would finally kick off in 2016, thereby boosting
regulators have led to renewed optimism about the fu- the engineering insurance sector as well. Additionally the
ture prospects of the Indian economy. On the backdrop environment concerns and related actions will largely
of such progressive regulatory landscape, the India growth impact the growth of the auto industry and auto insur-
story looks better and brighter now. The stable currency ance space.
and the positive macro environment will support GDP
growth of the country which will have a direct impact on I feel that the biggest challenge for General Insurance sec-
the growth of the general insurance sector. tor is profitability. This is chiefly because of unhealthy price
wars that exists in almost all product segments. In order
The series of natural calamities this year has made people to curb this, I feel that the sector will have to look at the
aware of the significance of general insurance products. viability of having products at these pricing levels and take
The earthquake at Nepal or the floods at Chennai clearly appropriate steps in correcting these prices. This will en-
brings forth the bitter truth of the magnitude of damage sure long term stability of the sector and also ensure sus-
that natural calamities can have on our lives, however fi- tained quality servicing to our customers. For only a

36 The Insurance Times, February 2016

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