Sagar Bandhu Bima Insurance | IFFCO Tokio General Insurance Company in India
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    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.

    Section 1

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

    Section 2

    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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