GIC Re Supports the Indian Shipping Industry

• Print

Several rounds of discussions followed with INSA (Indian National Ship Owners Association) and the four public sector general insurance companies where many issues were brain stormed and deliberated to the minutest detail. It was a great learning experience for GIC Re and the companies who were being initiated into the P&I arena, the cover being totally new to us. It must be appreciated here that traditionally P&I only covers what H&M does not and is totally outside the scope of hull insurance. United India Insurance designated to file the P&I product with IRDA has successfully secured approval and has put in place all arrangements for effective implementation of the P&I cover. GIC Re took initiative for the H&M and War cover and all efforts have borne fruit, with offices across the country in readiness to incept covers at short notice. Indian maritime insurance industry has come a long way in supporting the Indian Shipping Industry since the issue of the first hull policy to the Scindia Fleet way back in the 1950’s. After de-tariffing, the marine insurance sector did face pricing challenges, which is slowly being stabilized. It is only recently that the IRS (Indian Register of Shipping) entered the IACS class.With this new initiative of P&I support, the time may not be far off when we may see an Indian P&I Club in place in the near future!