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Sagar Bandhu Bima Insurance

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Sagar Bandhu Bima Insurance Policy

The specially designed policy for small inland/ coastal vessel operators covering H&M, wreck removal and collision liability

 The Indian market currently provides cover for Hull and Machinery of inland/coastal vessels as per Institute Time Clause Hulls 01.10.1983. Besides covering the H&M this clause also provides cover for 3/4th collision liability. However, Institute Port Risks Clause 20.07.1987 provides cover for 4/4th collision liability and also wreck removal subject to the limit of H&M sum insured.

While the P&I cover was available to large vessel operators through international clubs, the small vessel operator was fending for himself against potential liabilities incurred by him for wreck removal & liability for collision with FIFO ( fixed and floating objects), if these exceed the value of the vessel itself.

We had formulated Sagar Bandhu Bima Policy keeping in mind the small inland/ coastal vessel operators. This unique product has been approved by IRDA and was launched on 26th November 2005.

FAQs

What is the scope of coverage of the policy?

The Indian market currently provides cover for Hull and Machinery of inland/coastal vessels as per Institute Time Clause Hulls 01.10.1983. Besides covering the H&M this clause also provides cover for 3/4th collision liability. However Institute Port Risks Clause 20.07.1987 provides cover for 4/4th collision liability and also wreck removal subject to the limit of H&M sum insured.

While the P&I cover was available to large vessel operator through international clubs, the small vessel operator was fending for himself against potential liabilities incurred by him for wreck removal & liability for collision with FIFO ( fixed and floating objects), if these exceed the value of the vessel itself.

We had formulated Sagar Bandhu Bima Policy keeping in mind the small inland/ coastal vessel operators. This unique product has been approved by IRDA and was launched on 26th November, 2005.

What does Section 1 of the policy cover?

Section 1 - 

Cover for H&M, wreck removal and 4/4th collision liability as per Institute Port Risks Clause 1987.

What does Section 2 of the policy cover?

Protection and Indemnity cover for following liabilities:-

  • Liability for damage to other vessels.
  • Liability for loss or damage to third party property.
  • Liability for wreck removal.
  • Liability for crew.
  • Liability to persons other than crew.
  • Liability for pollution risks.
  • Liability for damage to cargo.

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