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The policy covers perils of the seas, rivers, lakes or other navigable waters loss/damage to the property insured caused by :
- Fire, explosion
- Stranding, sinking etc.
- Overturning, derailment ( of land conveyance )
- Violent theft by persons outside the vessel.
- Collision
- General average sacrifice, sacrifice, salvage charges
- Jettisons
- Piracy
- Breakdown of or accident to nuclear installations or reactors
- Contact with aircraft or similar objects, or objects falling therefrom, land conveyance , dock or harbour equipment or installation.
- Earthquake volcanic eruption or lightning.
- Crew Negligence.
· Exclusions
The policy does not cover loss/ damage due to :
- Deliberate damage/destruction of the vessel by wrongful act of any person
- Use of any weapon of war employing atomic / nuclear fission and or fusion.
- Radioactive Contamination, Chemical, Biochemical, Biological, Electromagnetic Weapons.
- Insolvency or financial default of the vessel owner /operators /charterers
- War / civil war, Strike, Riot or Civil Commotion
- Any terrorist or person/s acting with political motive
(B) COMPREHENSIVE PORT PACKAGE POLICIES:
· Cover can be purchased by -
- Port Authorities
- Port / Terminal operators
- Private Jetty Owners
· Scope of Comprehensive covers -
- Physical Damage
- Third Party Liability
- Business Interruption
- Terrorism
- Wreck Removal
- H & M Cover for Vessels
· Exclusions -
- Confiscation, requisition, detention
- Blocking of sewers, drains
- Wear & Tear, deterioration
- Error in design, workmanship
- Mechanical / Electrical Breakdown
(C) OIL & ENERGY RISK INSURNACE POLICIES :
· Cover can be purchased by - Oil and Energy Industries.
· Scope of Comprehensive covers -
- Offshore / Onshore constructions / Erections ( Builders Risks )
- Production / Operation Cover - Well head platform/ process platform.
- Exploratory Drilling (Offshore - Jack Up Rigs, Drilling Rigs, Semi Submersibles etc. Onshore- Fixed Land rigs, Mobile Land Rigs, Work-over Land rigs)
- Seismic Survey
- Single Buoy Mooring ( SBM )
- Under water pipeline / Cable Insurance
CLAIM INTIMATION AND STEPS TO BE TAKEN BY OWNERS:
In the event of casualty likely to give rise to a claim
- Immediate notice to policy issuing office.
- Giving brief details as to name of vessel, place of occurrence, date & time of casualty, circumstances leading to incident.
- Seek appointment of surveyor to inspect and assess loss.
- In case of theft please notify police.
- In case of fire assistance of fire brigade to extinguish fire.
- Appointment of adjuster in case of Oceangoing Vessels where necessary.
- All steps to minimise loss as prudent uninsured.
DOCUMENTS ESSENTIAL :
- Certified copy of note of protest by master
- Marine casualty form issued by M.M.D.
- Insured's report on occurrence.
- Survey Report
- Original Repair Bill, cash memo, Invoices
- Weather Report by Meteorological Dept.
- Affidavits filed by rescue vessels
- Certificate of survey for inland vessels
- Registry certificate
- Free board certificate
- Loadline certificate (where applicable )
- Status / copies of Mandatory certificates
- Notarized statements of master and chief engineer of the vessel.
- Log Book extracts (Engine & Deck )
- Crew list with details of competency certificates.
- Copy of Claim bill with supporting documents.
* Why New India for the lead mandate ?
? Superior Financial Strength - Indian Premium / Overseas Premium / Profit / Net Worth etc.
? M/s. A.M. Best (Europe) have conferred "A" Excellent Rating based on Superior Credit Position.
? New India has Largest Retention Capacity and Deductible Buy-Back in Indian Hull Market
.
? Overwhelming Global Presence vis-a-vis Other PSUs / Our London Office can help Liaise with Brokers & Re-insurers in Placement and Servicing.
? Leader in Non-Life Insurance.
? More Experience of Mega-Policies useful for New India and Placements / Proves High Level of Market Confidence in our Security and Services.
? Better Day-to-Day Liaisoning with our Head Office being in Mumbai.
? Overseas Operation in 23 Countries. | 
