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http://www.navhindtimes.com/stories.php?part=news&Story_ID=11286
ITGI announces new insurance policy for coastal vessels NT Staff Reporter Panaji Nov 27: The IFFCO Tokio General Insurance Co Ltd (ITGI), India�s trusted general insurance company yesterday announced the launch of a unique marine liability insurance policy called �Sagar Bandhu Bima Yojana�. The new policy will provide insurance for barges, tugs and similar small coastal vessels operating in the coastal and inland waters of India. The executive director of ITGI, Mr N K Kedia, addressing a press conference, yesterday said that ITGI is the first company to launch a unique policy which is a combination of the traditional hull insurance and the �fixed premium� protection and indemnity insurance for the small coastal as well as inland vessel operators. �At present, we are not concentrating on blue water vessels,� he said. �Our target is to cover approximately 1,000 small vessels operating in the coastal and inland waters of the country,� Mr Kedia said, pointing out that Goa has around 250 vessels of this kind, which makes it an area of importance to ITGI for the new policy. The executive vice-president of ITGI, Mr S Narayanan, speaking on the occasion said that the company is hoping of a crore of premium this year. �What was available in India was limited to the value of the ship,� he said, adding the �Sagar Bandhu Bima Policy� would go beyond it. The 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 third party property, wreck removal, liability to crew and persons other than crew, pollution risk and cargo liability, Mr Narayanan said. He also informed that this unique policy is an IRDA approved policy that is tailor-made to satisfy the needs of the customer. The new policy is an innovation in the speciality line business of the company under the Marine Liability Insurance Umbrella, Mr Narayanan noted. It was also informed that the IFFCO-Tokio General Insurance Co Ltd had earlier successfully launched a policy called �Sankat Haran Yojana� for farmers. ITGI has a corporate office in Gurgaon and 72 operating offices across India. The company, due to different management culture in India, is not concentrating on major cities but diversifying in suburban and rural areas. -- Cheers, Gabe Menezes. London, England
