SAGAR BANDHU BIMA 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.