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General insurance companies must consider the concerns of DG Shipping when they handle insurance claims for stranded or grounded vessels on the Indian coast. DG Shipping reports that some ship owners abandon stranded ships. Abandonment causes environmental damage and places a financial burden on the national exchequer for remedial work. Insurers must keep these risks in mind during claim processing.
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Ask about this circular
[Image omitted. See the official document.]
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA
CIRCULAR
IRDA/NL/GDL/MISC/105/05/2016
Date: 26.05.2016
To All the General Insurance Companies transacting Marine insurance business
Re: Stranded/grounded vessels on the Indian coast- Insurance Claims
The Authority is in receipt of letters dated 23.07.2015 and 08.01.2016 from DG Shipping on the captioned matter.
The DG Shipping has stated that in some instances, ships stranded on the Indian coast are being abandoned by some ship owners leading to environmental degradation and increasing burden on the national exchequer for remedial measures.
Copies of the letters received from DG Shipping and a copy of Authority's response dated 23.05.2016 are enclosed for information.
The insurers may keep the concerns of DG Shipping in mind while handling the related claims.
[Image omitted. See the official document.]
P J Joseph Member (NL)
Encl: as above
परिश्रम भवन, तीसरा तल, बशीरबाग, हैदराबाद-500 004. भारत
ច : 91-040-2338 1100, फैक्स: 91-040-6682 3334
इ-मेल: irda@irda.gov.in वेब: www.irda.gov.in
Parisharam Bhavan, 3rd Floor, Basheer Bagh, Hyderabad-500 004. India.
Ph.: 91-040-2338 1100, Fax: 91-040-6682 3334
E-mail : irda@irda.gov.in Web.: www.irda.gov.in
