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1 OPG Shipping & Insurance Seminar

Marine Cargo Insurance & Shipping

Sibesh Sen Tata AIG General Insurance Co Ltd.

Case Study 1

Agent : Johnny BegoodInsured Name : 5 Roses Inc. Perfume MakersCargo : 12,000 mt of grade A1

FishmealPacking : In bulkVoyage/Transit : Lima, Peru- KathmanduSailing date : 26.01.12Conveyance : Vessel Dragon StarValue : USD 10,560,000/- (CIF +10%)Cover requested : ICC-A with $10,000 deductible

DRAGON STAR

EX-NAME : ZIYA STYPE : BULK CARRIERFLAG : PANAMACLASS : PRBUILT : 1974GRT : 5320DWT : 11250P&I : NOT KNOWN

UNDERWRITING WISDOM

THE MORE YOU ASK,THE MORE YOU KNOW!THERE ARE NO STUPID QUESTIONS,ONLY STUPID ANSWERS!

NEVER EVER ASSUME!

ICC Clauses-Risks Covered

Loss / damage to the subject matter insured reasonably attributable to /caused by:1. Fire or Explosion;2. Vessel or craft being stranded, grounded, sunk or capsized.3. Overturning or derailment of land conveyance;4. Collision or contact of vessel craft or conveyance with any external object ….5. Discharge of cargo at a port of distress;6. General Average Sacrifice;7. Jettison;8. General Average and Salvage Charges9. “Both to Blame” Clause 10.Washing overboard;11.Earthquake., volcanic eruption or lightning.12.Entry of sea, lake or river water into vessel, craft, hold, container13.Total loss of any package lost overboard or dropped whilst loading/unloading……14.Any other risk not specifically excluded in the policy or the clausesExclusion extra (Malacious Damage) under B and C

“Deliberate damage to or deliberate destruction of the subject matter insured or any part thereof by the wrongful act of any person or persons.”

CCLLAAUUSSEE

CCCCLLAAUUSSEE

CCLLAAUUSSEE

Clause 4 General Exclusions Clause

Ordinary wear tear loss in weight, volume etc Willful misconduct of assured Insufficiency or unsuitability of packing or preparation of

subject matter insured Inherent vice or nature Loss damage or expense caused by delay even though the

delay is caused by a peril insured against Loss damage or expense arriving from insolvency or

financial default of the owners or operators etc of the vessel;

Loss damage or expense arising from the use of a weapon of war employing atomic or nuclear fission or fusion and or similar

UNDERWRITING WISDOM

EACH AND EVERY CARGO – RISK IS A UNIQUE COMBINATION OF INDIVIDUAL RISK FACTORS

INTEREST / PACKAGING

VOYAGE

Risk Analysis

CONVEYANCE

Risk Analysis – I.V.C

Underwriting Philosophy

UNDERSTAND EXPOSUREInterest Voyage Conveyance

EVALUATE CORRECT

TERMS,

CONDITIONS

CALCULATERATE

Greater the exposure; Higher the Premium.

If Bad, Bad, Bad no price is high enough

EXAMPLE INTEREST VOYAGE CONVEYANCE

PREMIUM

A GOOD GOOD GOOD

B BAD GOOD GOOD

C BAD BAD GOOD

Risk Analysis – I.V.C

UNDERWRITING WISDOM

UNDERWRITING IS:90% SELECTION & 10% PRICING

Case Study 2A Tale of Two Vessels

Case Study-2A Tale of Two Vessels

CASE STUDY 3

Insured Name : L&T, India

Cargo : Machinery

Voyage : Hazira, India to Saudi Arabia

Sailing date : 20.07.2004

Conveyance : Tug Husaain Sagar

Value : USD 16,000,000/- (CIF +10%)

BACK-UP INFO

A REACTOR WEIGHING 800 MT

ON DECK CARGO

DUMB BARGE

TUG USED FOR TOWING

PROJECT CARGO

UNDERWRITING WISDOM

PRE-SHIPMENT SURVEYS ARE MUCH BETTER THAN POST- LOSS SURVEYS!

INSURANCE SPONSORED DISCHARGE IN PORT PAYS FOR IT-SELF!

Case Study 4-Auto Exports

Car Carrier

Tsunami 26th Dec 2004

Tricolor

UNDERWRITING WISDOM

MURPHY’S LAW:

EVERYTHING THAT CAN GO WRONG WILL GO WRONG, AT THE WORST POSSIBLE MOMENT IN TIME.

EXPECT THE UNEXPECTED!

Case Study 5- Piracy

Case Study 6 Vessel Sonoma Cargo- DAP Voyage- USA to India Incident- Shortage at

discharge

UNDERWRITING WISDOM

Recovery – Actionusually against P&I Clubsgenerally pays off!

Average recovery ratio: 20%some reach as high as 40%

Benchmark No.1 10 + Year Imports

forthe construction of2 Cities in Saudi Arabia

ICC-A Cover Breakeven Rate

Benchmark 2 Bagged Cargo

suffers from expectable, normal loss of 1%

Benchmark 3 46% of merchant

fleet is over 15 years old

86% of all vessels lost were over 15% of age

Benchmark 4 70% of all cargo

losses have human error as the ultimate cause.

Only 30% are caused by force majeur

Benchmark 5

Containers are good but cannot stop-

Theft Sweat On deck losses Stowage losses

UNDERWRITING WISDOM

TO COMPETE IS IMPORTANT. TO MAKE A PROFIT IS

PARAMOUNT TO SURVIVAL!

35 NIA, PUNE 31st Oct 11

Thank You.

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