IFFCO unveils marine insurance

IFFCO-Tokio General Insurance Co has launched a marine liability insurance product called 'Sagar Bandhu Bima'. The new policy will provide insurance for barges, tugs and similar small coastal vessels operating in the coastal and inland waters of India.

Addressing a press conference, Ajit Narain, MD, IFFCO, said "Our target is to cover about 1,000 small vessels operating in inland waters of india. Goa has around 250 vessels which the company will leverage with this new policy."

The new policy is a combination of the traditional hull insurance and the fixed premium protection and indemnity insurance for the small coastal or inland vessel operators, he added.

Narain said that the company had garnered about Rs428 crore premium income and South contributed only 12 per cent while 35 per cent of the income was accounted from North, West and Gujarat amounted to 25 per cent and 17 per cent respectively.

"We are planning to close the current financial year with a total premium income of Rs 750 crore," he said.

The Sagar Bandu Bima policy offers coverage for hull and machinery and also protection and indemnity cover for liabilities such as damage to other vessels, loss or damage to the third party property, wreck removal, liability to crew and persons other than crew, pollution risk and cargo liability.