Page 4 - Engineering Insurance IC 77 Ebook

The Insurance Times
or owner of the machinery. The policy can be department or in different departments, the
taken jointly by the owner covering interests of all matter relating to both
other parties.
i) Marine/Transit Cover and
JURISDICTION : This applies to all Risks located
in India. ii) Erection All Risks Cover

SUBJECT MATTER : All kinds of Industrial
is required to be underwritten, subject to these
Machines/Raw Materials used for production
General Regulations.
purpose.
INSURED PARTY : The insured party can be 1. RATE FOR MARINE/TRANSIT
manufacturer, supplier, contractor, sub-contractor COVER :
or owner of the machinery. The policy can be
As per revised guideline Marine rates is now non
taken jointly by the owner covering interests of all
Tariff.
other parties.
The competent authority would decide the
SUB-CONTRACTS FORMING PART OF premium rates depending on the merit of each
A PROJECT. case.
As regards Sub-contracts forming part of a
Project, it is clarified that irrespective of whether N.B. : The existing Open Policy Marine Rates (if
the Project value has been broken into various any) will not be applicable to any of the risks
sections and orders/ contracts are placed with falling to be rated under this Tariff.
different suppliers/contractor/sub-contractors or
the insureds carry out the work themselves THESE RATES ARE SUBJECT TO
departmentally, the insurances for all such sub- STANDARD EXTRAS FOR
contracts are subject to these General
(i) War, SRCC of Imported Equipments at
Regulations.
prevailing scale rates

MARINE/TRANSIT RISKS CONNECTED (ii) Inland SRCC for indigenous equipments
WITH ERECTION ALL RISKS
(iii) Tariff extra for vessel classification
INSURANCE:
(iv) Fragile extra packed in cases or loose
Where Marine/Transit Insurance connected with
Erection All Risks Insurance of any project
(v) Cement extra packed in Gunny bags or
(Sum Insured upto Rs. 50 crores) is placed in packed in papers bags.
India simultaneously or later in one combined
policy or under separate policies, in one (vi) Any other extras as per Marine Tariff.

Due to detariffing, companies are charging premium on case to case basis
depending upon experience, claim rates, market consideration. Please refer to
your companies manual for rates

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