What is marine insurance?

Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport or cargo
by which property is transferred, acquired, or held between the points of origin and final
destination.

Marine Insurance
A contract of marine insurance is an agreement whereby the insurer undertakes to indemnify the
assured, in the manner and to the extent agreed, against losses incidental to marine adventure.
There is a marine adventure when any insurable property is exposed to maritime perils i.e. perils
consequent to navigation of the sea. The term 'perils of the sea' refers only to accidents or
causalities of the sea, and does not include the ordinary action of the winds and waves. Besides,
maritime perils include, fire, war perils, pirates, seizures and jettison, etc.

Protecting transport and marine insurance risks has been one of our core
activities since the formation of the Allianz Group in 1890.
Allianz Global Corporate & Specialty today provides global marine insurance for all types of
marine risks, from single vessels to the most complex multinational businesses.
Operating from major marine insurance hubs such as Hamburg, London, New York, Singapore
and Paris, our specialist teams include master mariners and cargo experts as well as insurance
professionals.
These global marine insurance hubs coordinate a local service delivered through our network in
more than 160 countries, providing expert underwriting, responsive local claims support and
preventative risk consulting whenever and wherever it is needed.
Our experienced underwriters, claims professionals and risk consultants service clients
throughout the marine industry, from a warehouse in Rio de Janeiro to a blue-water vessel in the
Baltic to a cargo transit bound for Shanghai.

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Custom-made marine insurance solutions

With market-leading capacity to manage the largest risks, backed by our AA Standard & Poors
and A+ A.M.Best ratings, our marine insurance expertise covers four core practice groups,
harnessing specialist knowledge to deliver a custom-tailored service:
Cargo Insurance

Comprehensive insurance for all stages of the distribution chain, including goods in transit,
storage risks, international insurance programs and project cargo for specialist shipments.

Marine hull & machinery insurance

Hull and machinery coverage for all types of blue- and brown-water shipping, from dry bulk to
tankers, cruise liners and container vessels to tugs and inland vessels, plus shipyards and
building risks, as well as specialist cover for mega yachts, yachts and pleasure craft.
Marine liability insurance
A full range of marine liability cover for primary and excess liability, as well as specialty
liability products for marine operations and people working in the marine industry.
Inland marine & related property (North America)
We provide inland marine insurance solutions for more than 100 classes to clients in the North
America market, covering specialist risks in construction, transportation, communication, related
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property and other specialty classes.

Our claims network keeps service close to the customer, with the resources to respond quickly.
We view the claims process as an opportunity to repay our clients' trust the acid test of our
service.

Our experienced marine risk consultants are committed to helping clients manage risk and
control insurance costs over the long term through risk evaluations, risk improvement,
transportation and logistics recommendations, packaging advice, industry best practice sharing
and other risk-avoidance strategies.

Coverage
Stevedores Liability: for a clients liability as a stevedore for third-party
property damage and bodily injury arising out of vessel loading and unloading operations

Wharfingers Liability: for a client's liability as a wharf owner for third-party

property damage and bodily injury arising out of the care and custody of vessels

Terminal Operators Liability:combines Stevedores Liability and Wharfingers

Liability with other coverages, depending on the nature and scope of a clients activities
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Marine General Liability: protects marine industry artisans and contractors for
third-party bodily injury, property damage, personal and advertising industry and contractual
liability arising out of their operations

Ship Repairers Liability: for a clients liability for vessels and other third-party
exposures (including bodily injury) arising out of repair operations

Charterers Liability: for a clients liabilities assumed under a charter party;

primarily hull damage and protection and ondemnity (P&I) risks

Excess Marine Liabilities: for a clients capacity needs in excess of any of the
above coverages and/or excess P&I, collision liability and towers Liability

Bumbershoot: marine umbrella policy providing coverage in excess of marine

and incidental non-marine primary policies, with a self-insured retention feature for uninsured
marine perils

Scope of marine insurance

Transportation of goods can be broadly classified into three categories:

1.
2.
3.

Inland Transport
Import
Export

The types of policies issued to cover these transits are:

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Type of policies
Annual Turn Over Policy: ATOP by agreement covers transit of raw material, semi finished
& finished products pertains to insured's trade i.e. Export, Import, Inter Depot movement
incidental storage from originating point to destination point on seamless basis. Key features
of ATOP are:o
Sizeable saving in premium, which is charged only on your sales turnover.
o
Seamless cover with all movement of goods automatically covered.
o
No hassles of submitting periodical declaration of movements to the insurer. Only
monthly/Quarterly sales figures needs to be submitted.
o
Facility for payment of premium on half-yearly / quarterly basis.
Specific Voyage: In Marine Insurance specific policies are issued to cover a specific single
transit. Cover ends as soon as arrival of cargo at destination.
Open Policy: It is an Annual Cargo Insurance Contract expressed in general terms and
effected for a round sum sufficient to cover a number of dispatches until the sum insured is
exhausted by declarations. The Open Policy, also known as the Floating Policy, saves the
assured the inconvenience of affecting individually the insurance of goods dispatched within
the country. The policy may cover both incoming and outgoing consignments from anywhere
in India to anywhere in India. The sum insured under the policy should ordinarily represent
the assureds estimated annual turnover of the goods.
Annual Policy: Annual policy is granted in respect of goods belonging to the Assured and or
held in trust by the assured and not under contract of sale and or purchase which are in
transit by road or rail from specified depots /processing units to other specified depots
/processing units. Important features of Annual Policy areo
Insurable interest to remain with insured
o
Policy not assignable or transferable
o
Issue of Annual policy to transport operators/contractors, clearing and forwarding
agents
o
Prohibited Policy is subject to the condition of average
Open Cover: An open cover is an agreement (not a policy) whereby the insurer will accept
insurance of all shipments made by the assured, within the terms of the cover for a fixed
period, usually for 12 months. Being an agreement, it is not stamped. However, stamped
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policies or certificates of insurance are issued against the declaration made by the assured.
The open cover is of great convenience to the clients engaged in regular import/export trade.

Inland marine insurance

Inland marine insurance in the United States indemnifies loss to movable or specialized types property,
historically developing as an outgrowth of ocean marine insurance. This category of insurance includes
property coverage for construction equipment, medical diagnostic equipment, fine arts, solar panels and wind
turbines, cameras and movie equipment, musical instruments, and a wide variety of other types of property.
The inland marine insurance definition has evolved over time to cover a wide range of property and materials:

Property in transit

Property in the custody of a bailee

Property deemed to be an instrumentality of transportation or communication, such as bridges

and radio towers

Mobile medical equipment

Contractors equipment

Traditionally, marine insurers such as the underwriters at Lloyds of London covered cargo in the course of
international commercial voyages by sea, providing coverage on an "all risk" basis: physical loss or damage
from any cause was covered unless the policy specifically excluded that clause. Subsequently, a marketplace
for fire insurance for buildings on land arose, especially after the Great Fire of London in 1666. Fire insurance
companies typically provided narrower coverage, where the policies specifically listed specifically the only
perils covered, and excluded all losses from any other causes.
In the 19th century the course of the Industrial Revolution gave rise to new exposures on land, such as
telegraphs, railroad equipment, and other types of property with which fire insurance companies were
unfamiliar, and inclined to grant coverage only for "enumerated perils". Marine insurers, accustomed to
providing "all risk" coverage to cargo in transit, began competing in the insurance marketplace for these types
of equipment and other "instrumentalities of communication and transportation". Despite the word marine,
most inland marine coverages are for property on land, with property transported by water insured under ocean

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marine.[1] This led to marine insurers competing in the fire insurance marketplace against fire insurance
companies. Ultimately, the National Association of Insurance Commissioners regulated the situation, adopting
a Nationwide Marine Definition in 1933 which laid out what types of property were eligible for "inland
marine" insurance coverage.
In the United States, inland marine insurance comprises about 2% of total premiums but account for a higher
percent of the profit. Like ocean marine insurance, inland marine insurance has been traditionally less
regulated in the United States.[1]
Inland marine policies became known as "floaters" since the property to which coverage was originally
extended was essentially "floating." The coverage has grown to include property that just involves an element
of transportation. The property that is insured under inland marine coverage is typically one of the following:

Actually in transit

Held by a bailee

At a fixed location that is an instrument of transportation

A movable type of goods that is often at different locations

The following coverages represent a wide range of the types of coverages typically called "inland
marine":

Accounts Receivable

Bailee Customer's Goods

Builders' Risk

Camera and Photographic Equipment

Communication Towers and Equipment

Computer Coverage

Contractors Equipment

Commercial Floaters

Dealers

Exhibitions

Fine Arts

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Furriers

Golf Equipment

Guns

Installation

Jewelers

Leased Property

Mobile Medical Equipment

Motor Truck Cargo

Museums

Musical Instruments

Processing Risks

Rigger's Liability

Scheduled Property

Transportation

Trip Transit

Valuable Papers

Warehouse Leg

History
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Maritime insurance was the earliest well-developed kind of insurance, with origins in the Greek
and Roman maritime loan. Separate marine insurance contracts were developed in Genoa and
other Italian cities in the fourteenth century and spread to northern Europe. Premiums varied
with intuitive estimates of the variable risk from seasons and pirates. [1] Modern marine insurance
law originated in the Lex mercatoria(law merchant). In 1601, a specialized chamber of assurance
separate from the other Courts was established in England. By the end of the seventeenth
century, London's growing importance as a centre for trade was increasing demand for marine
insurance. In the late 1680s, Edward Lloyd opened a coffee house on Tower Street in London. It
soon became a popular haunt for ship owners, merchants, and ships' captains, and thereby a
reliable source of the latest shipping news.
Lloyd's Coffee House was the first marine insurance market. It became the meeting place for
parties in the shipping industry wishing to insure cargoes and ships, and those willing to
underwrite such ventures. These informal beginnings led to the establishment of the insurance
marketLloyd's of London and several related shipping and insurance businesses. The
participating members of the insurance arrangement eventually formed a committee and moved
to the Royal Exchange on Cornhill as the Society of Lloyd's. The establishment of insurance
companies, a developing infrastructure of specialists (such as shipbrokers, admiralty lawyers,
bankers, surveyors, loss adjusters, general average adjusters, et al.), and the growth of the British
Empire gave English law a prominence in this area which it largely maintains and forms the
basis of almost all modern practice. Lord Mansfield, Lord Chief Justice in the mid-eighteenth
century, began the merging of law merchant and common law principles. The growth of the
London insurance market led to the standardization of policies and judicial precedentfurther
developed marine insurance law. In 1906 the Marine Insurance Act codified the previous
common law; it is both an extremely thorough and concise piece of work. Although the title of
the Act refers to marine insurance, the general principles have been applied to all non-life
insurance. In the 19th century, Lloyd's and the Institute of London Underwriters (a grouping of
London company insurers) developed between them standardized clauses for the use of marine
insurance, and these have been maintained since. These are known as the Institute Clauses
because the Institute covered the cost of their publication. Out of marine insurance, grew nonmarine insurance and reinsurance. Marine insurance traditionally formed the majority of
business underwritten at Lloyd's. Nowadays, Marine insurance is often grouped with Aviation
and Transit (cargo) risks, and in this form is known by the acronym 'MAT'.
In a contract of marine insurance, the insured must have insurable interest in the subject matter
insured at the time of the loss. Insurable interest is not required to be present at the time of
taking the policy. Under marine insurance, the following persons are deemed to have insurable
interest:-

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Maritime insurance was the earliest well-developed kind of insurance, with origins in the Greek
and Roman maritime loan. Separate marine insurance contracts were developed in Genoa and
other Italian cities in the fourteenth century and spread to northern Europe. Premiums varied
with intuitive estimates of the variable risk from seasons and pirates. [1] Modern marine insurance
law originated in the Lex mercatoria (law merchant). In 1601, a specialized chamber of
assurance separate from the other Courts was established in England. By the end of the
seventeenth century, London's growing importance as a centre for trade was increasing demand
for marine insurance. In the late 1680s, Edward Lloyd opened a coffee house on Tower
Street in London. It soon became a popular haunt for ship owners, merchants, and ships'
captains, and thereby a reliable source of the latest shipping news.[2]
Lloyd's Coffee House was the first marine insurance market. It became the meeting place for
parties in the shipping industry wishing to insure cargoes and ships, and those willing to
underwrite such ventures. These informal beginnings led to the establishment of the insurance
marketLloyd's of London and several related shipping and insurance businesses. The
participating members of the insurance arrangement eventually formed a committee and moved
to the Royal Exchange on Cornhill as the Society of Lloyd's. The establishment of insurance
companies, a developing infrastructure of specialists (such as shipbrokers, admiralty lawyers,
bankers, surveyors, loss adjusters, general average adjusters, et al.), and the growth of the British
Empire gave English law a prominence in this area which it largely maintains and forms the
basis of almost all modern practice. Lord Mansfield, Lord Chief Justice in the mid-eighteenth
century, began the merging of law merchant and common law principles. The growth of the
London insurance market led to the standardization of policies and judicial precedentfurther
developed marine insurance law. In 1906 the Marine Insurance Act codified the previous
common law; it is both an extremely thorough and concise piece of work. Although the title of
the Act refers to marine insurance, the general principles have been applied to all non-life
insurance. In the 19th century, Lloyd's and the Institute of London Underwriters (a grouping of
London company insurers) developed between them standardized clauses for the use of marine
insurance, and these have been maintained since. These are known as the Institute Clauses
because the Institute covered the cost of their publication. Out of marine insurance, grew nonmarine insurance and reinsurance. Marine insurance traditionally formed the majority of
business underwritten at Lloyd's. Nowadays, Marine insurance is often grouped with Aviation
and Transit (cargo) risks, and in this form is known by the acronym 'MAT'.
The most important sections of this Act include::4: a policy without insurable interest is
void.:17: imposes a duty on the insured of uberrimae fides (as opposed to caveat emptor), i.e.,
that questions must be answered honestly and the risk not misrepresented.:18: the proposer of
the insurer has a duty to disclose all material facts relevant to the acceptance and rating of the
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risk. Failure to do so is known as non-disclosure or concealment (there are minor differences in

the two terms) and renders the insurance voidable by the insurer.:33(3): If [a warranty] be not
[exactly] complied with, then, subject to any express provision in the policy, the insurer is
discharged from liability as from the date of the breach of warranty, but without prejudice to any
liability incurred by him before that date.:34(2): where a warranty has been broken, it is no
defence to the insured that the breach has been remedied, and the warranty complied with, prior
to the loss.:34(3): a breach of warranty may be waived (ignored) by the insurer.:39(1): implied
warranty that the vessel must be seaworthy at the start of her voyage and for the purpose of it
(voyage policy only).:39(5): no warranty that a vessel shall be seaworthy during the policy
period (time policy). However, if the assured knowingly allows an unseaworthy vessel to set sail
the insurer is not liable for losses caused by un seas worthiness.:50: a policy may be assigned.
Typically, a shipowner might assign the benefit of a policy to the ship-mortgagor.:60-63: deals
with the issues of a constructive total loss. The insured can, by notice, claim for a constructive
total loss with the insurer becoming entitled to the ship or cargo if it should later turn up. (By
contrast an actual total loss describes the physical destruction of a vessel or cargo.):79: deals
with subrogation, i.e., the rights of the insurer to stand in the shoes of an indemnified insured
and recover salvage for his own benefit. Schedule 1 of the Act contains a list of definitions;
schedule 2 contains the model policy wording.
The owner of the ship has an insurable interest in the ship.
The owner of the cargo has insurable interest in the cargo.
A creditor who has advanced money on the security of the ship or cargo has insurable
interest to the extent of his loan.
The master and crew of the ship have insurable interest in respect of their wages.
If the subject matter of insurance is mortgaged, the mortgagor has insurable interest in the full
value thereof, and the mortgagee has insurable interest in respect of any sum due to him.
A trustee holding any property in trust has insurable interest in such property.
In case of advance freight the person advancing the freight has an insurable interest in so far as
such freight is repayable in case of loss.
The insured has an insurable interest in the charges of any insurance policy which he may take.

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Marine insurance in India

Marine Insurance Revenue (Account) of Oriental Insurance Company Limited in India (2001-2002 to 20052006)

General Insurance Corporation of India under Marine Business in India (During 1998-1999 to 2000-2001)

National Insurance Company Limited under Marine Business in India (During 1998-1999 to 2000-2001)

New India Assurance Company Limited under Marine Business (During 1998-1999 to 2000-2001)

Oriental Insurance Company Limited under Marine Business in India (During 1998-1999 to 2000-2001)

Revenue Account of GIC in Respect of Marine Insurance Business in India (As on 31st March, 2001)

Total Insurance Companies under Marine Business in India (During 1998-1999 to 2000-2001)

United India Insurance Company Limited under Marine Business (During 1998-1999 to 2000-2001)

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Marine Insurance

Business today knows no boundaries. We have an access to products and services across borders as countries
continue to globalize. However the farther our goods travel the more risk they are exposed to. That's why Bajaj
Allianz brings to you the marine cargo insurance cover, which compensates losses of goods in transit.

Basis of Sum Insured

Marine Insurance policies are issued on 'agreed value basis' and should be based on invoice and covering incidental
expenses.
What are the types of Coverage offered?
The following table contains the types of coverage offered. All overseas transits are subjected to Institute Cargo
Clauses, given by Lloyds Underwriter and Technical Committee, London. The brief coverage is:-

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Risks

(Proximate Cause)

Institute Cargo Clauses

A
(All risk Cover)

B
(Wider Cover)

C
(Basic Cover)

Stranding , Grounding, Sinking or Capsizing

Yes

Yes

Yes

Overturning or Derailment of Land Conveyance

Yes

Yes

Yes

Collision of Ship or Craft with another Ship or Craft

Yes

Yes

Yes

Yes

Yes

Yes

Discharge of Cargo at Port of Distress

Yes

Yes

Yes

Loss overboard during Loading/Discharge (total loss only).

N/A

Yes

No

Fire or Explosion

Yes

Yes

Yes

Malicious Damage

Yes

No*

No*

Theft/ Pilferage

Yes

No

No

General Average Sacrifice

Yes

Yes

Yes

Jettison

Yes

Yes

Yes

Washing Overboard (deck cargo)

Yes

Yes

No

War Risks

No*

No*

No*

Yes

Yes

No

Yes

Yes

No

Contact of Ship, Craft or Conveyance with anything other than Ship or

Craft (excludes Water but not Ice)

Seawater entering Ship, Craft, Hold,

Conveyance Container Lift Van or Place of Storage
River or Lake Water entering same
* Can be bought back

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Distribution
Distribution of the products or services produced by a firm is an important part of managing a
business. Distribution refers to the process by which products or services flow from the
manufacturer or factory to reach its target consumers. The products can be distributed through
direct channels of distribution in which the manufacturers deliver their products to the
consumers by establishing their own distribution networks. There are also indirect channels of
distribution which involve the services of one or more intermediaries (individuals and
organisations) which link the manufacturers with their consumers. These intermediaries or
middlemen specialise in performing distribution activities. Wholesalers and retailers are the two
important forms of middlemen who act as a communication channel through exchange of
product information and feedback between the producers and consumers.
An entrepreneur has to decide about an effective distribution channel that can provide a vast
market coverage to its product and is also economical. The proper selection of a distribution
channel depends on several factors such as the nature of the products involved, nature of the
market, number of types of middlemen, competitive environment,legal constraints and the nature
and size of the company. The choice of a suitable channel of distribution is very important for a
business firm because:- (i) it affects the time and costs of distribution; (ii) it affects the volume
of sales; (iii) it influences pricing and promotional efforts. Such a decision will determine the
profitability of the business of the entrepreneur and also the long term sustainability of these
profits.

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Types of marine insurance

Types of Marine Insurance Policies:Voyage policy:- is a policy in which the subject matter is insured for a particular voyage
irrespective of the time involved in it. In this case the risk attaches only when the ship starts on
the voyage.
Time policy:- is a policy in which the subject matter is insured for a definite period of time. The
ship may pursue any course it likes, the policy would cover all the risks from perils of the sea for
the stated period of time. A time policy cannot be for a period exceeding one year, but it may
contain a 'continuation clause'. The 'continuation clause' means that if the voyage is not
completed within the specified period, the risk shall be covered until the voyage is completed, or
till the arrival of the ship at the port of call.
Mixed policy:- is a combination of voyage and time policies and covers the risk during
particular voyage for a specified period of time.
Valued policy:- is a policy in which the value of the subject matter insured is agreed upon
between the insurer and the insured and it is specified in the policy itself.
Open or Un-valued policy:- is the policy in which the value of the subject matter insured is not
specified. Subject to the limit of the sum assured, it leaves the value of the loss to be
subsequently ascertained.
Floating policy:- is a policy which only mentions the amount for which the insurance is taken
out and leaves the name of the ship(s) and other particulars to be defined by subsequent
declarations. Such policies are very useful to merchants who regularly despatch goods through
ships.
Wagering or Honour policy:- is a policy in which the assured has no insurable interest and the
underwriter is prepared to dispense with the insurable interest. Such policies are also known as
'Policy Proof of Interest (P.P.I).

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Regulatory Requirements
An entrepreneur, while managing his business has to take into account the basic regulatory
requirements for his organisation. These regulatory requirements ensure that the organisation is
functioning as per the statutory framework of the country. The most important regulation is the
Indian Contract Act,1872, which regulates all the transactions of a company. It lays down the
general principles relating to the formation and enforceability of contracts; rules governing the
provisions of an agreement and offer; the various types of contracts including those of indemnity
and guarantee, bailment and pledge and agency. It also contains provisions pertaining to breach
of a contract. The next important regulation relates to quality management by a firm. Bureau of
Indian standards has been set up by the Government for enforcement of quality standards in the
country. BIS has adopted the ISO 9000 standards set up by International Organization for
Standardization(ISO) for quality control. The ISO 9000 series is among ISO's most widely
known standards ever. It provides a framework for quality management throughout the processes
of producing and delivering products and services for the customer. BIS also provides
certification against IS/ISO 9001:2000 under its Management Systems Certification activity. An
organization can obtain a licence under the Quality Management System Certification (IS/ISO
9001:2000) Scheme/QMSCS of BIS. The scheme covers a wide range of industry and service
sectors including engineering, chemicals, pharmaceutical, cement, ceramics, food, textiles,
automotives, mechanical, metallurgical, electrical, electronics, aeronautics, hospitals, financial,
banking services, construction, hospitals, wholesale & retail trade, education& training, hotel,
power, printing, telecommunications, testing laboratories and information technology. A sound
quality control mechanism ensures that a firm produces products that match international
standards and thus boost the growth of the firm.

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Managing your Intellectual Proficiency

In today's knowledge-driven economy, intellectual property (IP) has become one of the key
considerations in all business decisions. The new products, brands and creative designs launched
in the market are the result of human innovation and creativity. This innovative and creative
capacity is protected under the intellectual property system. If not protected, it may be lost to
competitors who may commercialise the product or service, leaving the original inventor or
creator without any financial benefit or reward. Hence, proper protection of a company's
intellectual property is necessary for turning ideas into those business assets which have a real
market value.
The protection of intellectual property will help a company in the following ways :

It will prevent competitors from copying or imitating a companys products or services.

It will prevent wastage of investment in research and development (R&D).

It will help create a corporate identity through a trademark and branding strategy.

It will help the company, negotiate licensing, franchising or other IP-based contractual
agreements.

It will help increase the market value of the company.

It will help the company, enhance access to finance.

It will help the company, obtain access to new markets.

also, knowledge of the existing IP rights, will help the enterprise avoid unnecessary
conflicts and litigations

Hence, an effective IP management strategy will help companies use their intellectual property
to increase their competitiveness and increase the strategic advantage, while minimising the risks
and uncertainties involved. There are three phases of an IP management strategy :

Phase I(Gaining control over IP portfolio):- it includes analysing intellectual asset

portfolios and developing and implementing programs for their monitoring and
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enforcement.

Phase II(Investing in your IP portfolio):- it involves a review of the opportunities for

investing in acquisition or creation of different forms of IP. It also involves the
application of corporate investment policies and practices to IP management investments
for creating a 'level playing field' in terms of other investment priorities.

Phase III(Maintaining control over your portfolio):- it involves, utilising information

technology tools to capture and manage critical intellectual asset portfolio information in
order to sustain IP profits and protect existing IP investments

Insurance
Uncertainty, risk and insecurity are incidental to any form of business. This makes insurance
indispensable for a business organisation. Insurance may be defined as a contract in writing
under which one party agrees to indemnify the other party against a loss or damage suffered by it
on account of an uncertain future, in return for a consideration called 'premium'. The
person/business who gets its life/property insured is called 'Insured/Assured'. The agency which
helps in entering into an insurance arrangement is called 'Insurer' or 'Insurance company'. The
agreement or contract which is put in writing, is called a 'policy'. An insurance policy provides
the following benefits to a business concern :

Protection :- it provides protection against risk of loss and a sense of security to the
businessmen.

Diffusion of risks :- as the burden of loss is spread over a large number of people.

Credit standing :- of the firm is enhanced as the businessman can easily transfer some
of his risks to an insurance company.

Continuity and certainty of business :-if all the risks were to be borne by the
businessmen themselves, the business operations would have been uncertain and halting
in character.

Better utilisation of the capital of the firms :- as the Insurance companies take over the
risk, it enables the business firm to invest and optimally utilise its capital.

Thus, the aim of insurance is to compensate the owner against the losses arising from a variety
19 | P a g e

of risks which he anticipates to his life, property and business. It is a means of pooling of risks,
under which a group of people who are subject to an insurable risk contribute regularly to a
fund. The fund so created is utilised to compensate those members of the group who actually
suffer a loss due to some unexpected calamity. Thus the loss of a few is shared by all the
members on an equitable basis.
In India, insurance is mainly of two types i.e. life insurance and general insurance. All issues
relating to both the types of insurance policies fall within the domain of Insurance Division in
the Ministry of Finance . In order to protect the interests of holder of insurance policy and to
regulate, promote and ensure orderly growth of the insurance industry, the Government of India
has set up theInsurance Regulatory and Development Authority (IRDA). The authority has
been issuing regulations covering almost the entire segment of insurance industry including
insurance agents, solvency margins, re-insurance, registration of insurers, obligations of insurers
to rural and social sector, accounting procedures,etc.

Managing Finance

Managing the finances of the firm in an efficient manner is the most important aspect of
managing a business. It means controlling and managing the firm's financial resources. The
process of managing finances involves cash flow management which is concerned with the
inflow and outflow of money in and out of a business. For this a cash flow statement is prepared
which records a company's income and expenses in a systematic form. Cash flow statement is a
financial tool used by the companies to measure its cash receipts and disbursements over a
period of time. It lists cash to and cash from operating,investing and financing activities along
with the net increase or decrease in cash for the period.
For proper management of a company's finances, the knowledge of accountancy, particularly the
principles of double entry book keeping is an essential requirement. Accountancy tells us how to
prepare and maintain the various accounts of a company and how to communicate such
accounting information to the concerned parties. A 'general ledger account' is the most important
account prepared by a company. It records all the financial transactions of the company by
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means of two entries called debit and credit. Besides, every company is statutorily required
under the Companies Act, 1956 to keep and maintain books of accounts. Such books are
necessary because they give a true and fair view of the state of affairs of the company. For
auditing these books of accounts, it is mandatory for the companies (under the Act) to provide
for compulsory appointment of an independent person as the 'auditor' of the company. It is the
duty of the auditor to check the arithmetical accuracy of books of accounts and submit its report
on the accounting standards and goodwill of the company.
This whole process of financial management gives the true financial position of the company. A
good financial standing of a company so indicated reinforces its credit worthiness and
competitive position in the market. It is thus essential for smooth and successful functioning of
the enterprise in a profitable manner on a long term basis.

TYPES OF MARINE INSURANCE POLICIES

This article explains: How many types of marine Insurance Policies are there? Different clauses
of marine insurance policies, Scope of cargo insurance policy and how does marine Insurance
policies work?
The shipper or insured covers the risks depending on the terms of letter
of credit/ export order. The Institute of London Underwriters has drawn
up the different clauses in marine insurance policy in respect of risk

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coverage. The risk coverage is done in terms of various institute cargo clauses. Different marine
insurance policies with different risk coverage are :
Institute Cargo Clause A: This policy covers all the risks of loss or damage to goods. This is the
widest cover.
Institute Cargo Clause B: This policy covers risks less than under clause A.
Institute Cargo Clause C: This policy covers lowest risks.
SCOPE OF CARGO INSURANCE POLICY
The scope of the insurance policy depends on the risks it covers. Here, risks are termed as perils.
Perils are referred as causes of events. The various kinds of perils are:
Maritime Perils:

These are the events which are created by God or man made. Events created by God are
earthquake, collision, storm, lightning, and entry of sea water into the vessel, volcanic eruption,
rain water damage and washing overboard of cargo.
The man made events are fire, smoke, water used to extinguish fire, piracy, barratry (fraud, gross
criminal negligence of the crew to prejudice ship owner)., sabotage, vandalism etc.

Extraneous Perils:
These are incidental perils. These perils are caused due to faults in loading, carrying and unloading.
Examples are rough handling, leakage, breakage, pilferage and non-delivery etc.
3. War Perils: These perils relate to losses due to war including civil war, revolution, rebellion and
detainment of the carrier etc. if the goods are confiscated by the customs on charges of smuggling,
then insurance does not cover.

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Marine Cargo Insurance - covers the transit

Covers loss or damage to your goods while being transported by rail, road, air or by sea. The policy
compensates you for losses suffered and offers complete financial protection during the transit of your
goods

Stock Throughput Insurance - covers the transit and the storage

This insurance covers loss or damage to your goods while being transported by rail, road, air or by sea and
stored at Warehouse, Job Workers locations, Processing Units. The policy compensates you for losses suffered
and offers complete financial protection during the transit and Storage of your goods.
This Policy which is also popularly known as `Cradle to Grave`, is in fact a Package Policy which combines
the risks of transit & storage under a ` Single Policy`.

Tea Crop Insurance - covers the transit and the storage of tea

The Tea Crop Insurance covers loss or damage to your goods while being transported by rail, road, air or by
sea, Processing Risk, Packing and storage at Warehouse, Job Workers locations, Processing Units. The policy
compensates you for losses suffered and offers complete financial protection during the transit and Storage of
your goods

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Consequential Loss Insurance - covers loss due to delivery delay

Whilst in transit by road, rail, sea or air, machineries such as turbines, boilers, generators etc. could be lost or
may get damaged at any stage which may cause delay in the start-up of a specified project. The SmartCargo
Project Consequential Loss Insurance Policy relates to consequential loss in business due to delay in the startup of a specified project . This Policy is to be obtained along with Project Cargo Insurance.
This is an overview of our Marine products. For further details and quotation, talk to us today at 080 49123900 or visit one of our branches

Inland Marine Insurance for Home Based Businesses

Inland Marine Insurance, a policy that was originally developed for cargo sailing across the high
seas, works today to protect numerous at-home businesses from losses when they transport their
goods or equipment. Designed with optimum convenience in mind, Inland Marine can be added
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as an endorsement to an existing Property Insurance policy, or it can be purchased as a

standalone policy. Most of the time, home-based startups purchase the coverage to protect their
inventory, equipment, and supplies while they travel to trunk shows, events, or appointments.
Home business owners turn to Inland Marine Insurance to offer comprehensive property damage
protection in case there is an accident while transporting their wares or while their equipment is
in storage. The coverage can account for a range of valuable items, including equipment used to
transport fine artwork, expensive silverware, computer equipment, and even data (e.g., accounts
receivable and valuable business documents).
Keep reading to learn more about what Inland Marine Insurance is and how it can keep your inhome business safe when it's on the go.

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Inland Marine Insurance for

Protection that Travels With You

At-Home

Businesses:

Inland Marine Insurance tends to throw business owners for a loop. When searching for
coverage that protects assets on the move, most would not think a policy with the word "marine"
would apply to their needs. And besides, how can something be on land and on water at once?
The policy's moniker is a tip of the hat to the olden days, back when companies shipped their
goods by boat. In those days, the insurance was aptly called "Ocean Marine Insurance" and only
covered a ship's cargo. But as the invention of railways, roads, and automobiles changed the way
people conducted business, the insurance had to evolve, too. Today, Inland Marine functions as a
means to compensate businesses when their goods or assets are lost or damaged in transit. It can
also protect accounts retrievable and digital information as they travel to and from accounts
online.
Home-based business owners who regularly travel to events (such as wedding planners and
wedding cake bakers) or appointments (such as photographers and videographers) also need to
transport equipment, tools, and supplies to deliver their services and conduct their work. While
traveling, Inland Marine Insurance can protect your business assets against loss or damage if you
should have an accident on the way to another location. If an accident does occur, your policy
will provide the funds to replace your damaged equipment or destroyed inventory and tools.
Inland Marine Insurance for home-based businesses can provide coverage for the following
types of property:

Property in transit, such as business equipment, inventory, tools, and supplies.

Computer and media equipment.
Data and accounts receivable, such as accounting software, lead-tracking data, policies,
procedures, and other electronic assets.
Mobile equipment, such as trailers or food trucks.

If you want to add Inland Marine coverage to your Property Insurance policy,

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In-Home Businesses and Freelance Professionals: Inland Marine Details

Home-based businesses and startups depend on their tools, equipment, and inventory to deliver
their services or products and grow their companies. That's why Inland Marine Insurance is a
wise investment for any company that regularly travels with their gear in tow or works with
online accounts. Inland Marine offers the peace of mind that if your equipment and tools or data
are stolen, damaged, or lost, you will have the means to replace them. Here are some other
coverage details to keep in mind as you search for an Inland Marine policy.
Home Business Equipment Coverage
Your Inland Marine Insurance policy can compensate your home business for the cost of
replacing lost, stolen, or damaged equipment. Though some providers will only cover equipment
less than five years old, the details of each policy can vary considerably from carrier to carrier.
To ensure your business receives the amount and type of coverage it needs to adequately replace
tools, supplies, and equipment, be sure to work with an insurance agent who knows your
industry (such as the business insurance experts at insureon!).
Transportation Equipment Coverage
If you use trailers to haul your equipment to meetings, appointments, events, or job sites, your
transportation devices can also be covered by your Inland Marine policy. If you are involved in
an auto accident on the way to your appointment or event, your coverage will kick in to replace
your transportation gear.
Marine & Inland Marine Products and Services
Browse our Marine & Inland Marine Products

Cargo Insurance
Comprehensive all risk coverage for goods in transit for manufacturers, importers and exporters,
commodity traders, logistics companies and more.
Hull and Protection and Indemnity Insurance
Tailored coverage for a wide range of small to large marine vessels from tankers to tugs.
Inland Marine

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Comprehensive protection for assets that are moveable or mobile in nature, in transit or in
storage, where specialization is needed or unique exposures exist.
Marine Liability
Wide range of marine liability insurance products to meet the needs of transportation companies,
stevedores, wharfingers, terminal operators and port authorities, shipyards and ship repair
operations, bunkermen, vessel charterers, pilots and marine contractors in nearly every
jurisdiction around the globe.
Recreational Marine
Comprehensive coverage for boats and yachts of any size from runabouts to mega-yachts

Marine Liability

Those companies servicing and supporting the maritime industry which facilitate the safe
transport, logistics, handling and storage of goods are vital to the success of a marine-related
operation.
We understand marine is a global business and provide the specialized primary and excess
liability coverages marine-related operations need to move forward with confidence. We
combine our local expertise and knowledge with the quality and responsiveness of our
international network, to ensure the best possible protection for our clients assets and their
business reputation.

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Business Insurance Policies for Home-Based Businesses

The home business insurance agents at insureon are happy to help you find business insurance
policies that save you money and keep your business protected. When you work with us, we'll
help you create a policy that addresses the unique risks in-home business owners face.
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If you're ready for a business insurance plan that keeps your assets safe, no matter where you
go, complete our all-online application. We may be able to send you quotes in minutes!

How do you record a payment for insurance?

Since insurance premiums are usually paid prior to the period covered by the payment, it is
common to debit Prepaid Insurance and to credit Cash for the amount paid. (Prepaid Insurance is
a current
asset and
is
reported
on
the balance
sheet after
inventory.)
As the prepaid amount expires, the balance in Prepaid Insurance is reduced by a credit to Prepaid
Insurance and a debit to Insurance Expense. This is done with an adjusting entry at the end of
each accounting period (e.g. monthly). One objective of the adjusting entry is to match the
proper amount of insurance expense to the period indicated on the income statement. (The
income statement should report the amount of insurance that has expired during the period
indicated in the income statement's heading.) Another objective is to report on the balance sheet
the
unexpired
amount
of
insurance
as
the
asset
Prepaid
Insurance.
If you can arrange for your insurance payments to be the amount applicable to each accounting
period, you can simply debit Insurance Expense and credit Cash. For example, if the insurance
premiums for one year amount to $12,000 and you can pay the insurance company $1,000 per
month, then each monthly payment will be recorded with a debit to Insurance Expense and a
credit to Cash. In this case $1,000 per month will be matched on the income statement and there
will be no prepaid amount to be reported on the balance sheet.

Accounting requirements of marine insurance

Responsibilities:-

Responsible for verify tax invoice of operating expenses of Head Office and Branches.

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To record accounting transaction and prepare all tax return.

To record investment transaction and reconcile the relevant investment accounts.

To verify tax invoice of operation expenses of Head Office and Branches.

To reimburse, allocate expenses and key operating expenses transaction.

To operate expenses payment transaction

To handle all accounting and tax matters.

Qualifications:-

Bachelors Degree or higher in Accounting or related fields.

Experience in Accounting would be preferable.

Good command in English and computer literacy in MS Office

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Insurance Financials - Part 1 (Accounting and Reserves)

This article is divided into two sections and explains the dynamics of the Finance Department in
Insurance Companies. This information is useful to all those who require to know, in a nutshell,
everything about finance in an insurance company.
On one hand, there are magnitudes of funds which have to be controlled by insurance
companies. On the other hand, the consumers are dependent on the company for insurance
products. Therefore the financial department of the insurance company has a pivotal role in the
operation of an insurance company. The ambit of the financial department are far and wide and
include:
- ACCOUNTING: To prepare financial statements.
- RESERVES: To be able to pay liability and property claims.
- PLANNING: Creating models to arrive at solutions in reserve creation, reinsurance, and rating.
- ANALYSIS: Of profitability, cash flow, and others.
- INVESTMENTS: In order to sustain the income flow into the company.
- REINSURANCE: To manage and minimize losses.
- RATINGS: Measures the insurer's financial strength in meeting policyholders obligations.
- INSURANCE REGULATIONS: To monitor the solvency of insurers and safeguard the public
from insolvencies that might occur.
1) ACCOUNTING
Accounting mainly relates to income and outgo. The primary income of an insurer is:
- The direct premium income
- Net reinsurance premium
- Returns on investment
- Miscellaneous receipts such as rent
The main heads in outgo include:
- Payment of claims
- Management expenses
- Loss adjustment expenses like survey fees, agency commission
- Payment of dividend
- Other miscellaneous expenses
Profit or loss is not determined by just income and outgo. It is only when reserves are taken into
account that the true profit or loss position emerges. Establishing accurate provisions for
reserves is so crucial for an insurer. Loss reserves represent the single largest balance sheet
liability for an insurer. The loss reserves made for liability claims are more volatile and larger
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than those loss reserves made for property claims. Reserves are made for outstanding claims and
other purposes as required.

Finalization of marine insurance company

What is the entry for the claim recovered from fire insurance?
A: This depends on the exact asset/s that were destroyed in the fire and to what extent they were
covered.
1) Let's say a storeroom and its contents, valued at $60,000, were destroyed by fire. The insurer
pays your business $60,000.
In this case the entry would be:
Dr Insurer (debtor) $60,000
Cr Storeroom (asset) $60,000
Later:
Dr Bank $60,000
Cr Insurer (debtor) $60,000
2) Now let's say the agreed amount of the claim was $50,000 instead of $60,000.
The journal entry would be:
Dr Insurer (debtor) $50,000
Dr Loss $10,000
Cr Storeroom (asset) $60,000
Later:
Dr Bank $50,000
Cr Insurer (debtor) $50,000
In this second scenario we record the loss (the difference between the value of the asset lost and
the amount of the claim) of $10,000.
For asset/s that were destroyed that were subject to depreciation, one would take out the
accumulated depreciation account too.
3) A delivery vehicle, which had a cost of $10,000 and accumulated depreciation of $3,000, was
destroyed by fire. The insurance claim amounted to $5,000.
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The entries would be:

Dr Insurer (debtor) $5,000
Dr Accumulated depreciation $3,000
Dr Loss $2,000
Cr Delivery vehicle (asset) $10,000
Later:
Dr Bank $5,000
Cr Insurer (debtor) $5,000

Accounting for prepaid insurance with fully quoted annual premiums

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Assume an insurance company provides a quote for an annual coverage for business interruption
insurance to Company ABC. The quote indicates the annual premium is $120,000 with $10,000
payable monthly on the 15th of each month.
Even though this appears to be a simple transaction from an accounting standpoint, it may not be
so. And here is why. Some companies account for the full quoted premium at the beginning of
the coverage period by recording a prepaid asset of $120,000 and an insurance accrual of
$120,000. As payments are made monthly, 1/12 th of the $120,000 is (a) amortized as insurance
expense (to record insurance expense for the month) and (b) is removed from the insurance
accrual (to reflect the fact that a monthly payment has been made). Companies utilize this way
of recording insurance premiums to keep track of how much premium has been amortized to
expense and how much of remaining annual premium is kept in the accrued liability account.
The table below shows how this way of recording insurance premium amounts affects the
balance sheet:

Company ABC
Balance Sheet as of Beginning of Month 1
Current assets
Current liabilities
Prepaid insurance
$120,000
Insurance accrual

$120,000

Company ABC
Balance Sheet as of End of Month 1
Current assets
Prepaid insurance
$110,000

Current liabilities
Insurance accrual

$110,000

Company ABC
Balance Sheet as of End of Month 2
Current assets
Prepaid insurance
$100,000

Current liabilities
Insurance accrual

$100,000

The journal entries which the company records are show below.
When an annual insurance quote is obtained at the beginning of Month 1:
Account Titles
Debit
Credit
Prepaid Insurance
$120,000
Insurance Accrual
$120,000

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Accounting for Insurance Proceeds Journal Entries

The damaged inventory is written off

Account

Debit

Impairment of inventory (expense)

XXX

Inventory

Credit

XXX

The claim is agreed with the insurance company.

Account

Debit

Accounts receivable

XXX

Insurance compensation (income)

Credit

XXX

The cash is received from the insurance company

Account

Debit

Cash

XXX

Accounts receivable

Credit

XXX

If the insurance company does not fully compensate for the damaged inventory, there will be a
difference between the debit on the impairment of inventory account in journal one, and the
credit on the insurance compensation account in journal two. This net debit represents a loss to
the business for inventory damaged but not covered by the insurance claim.

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When the first payment is made on the 15th of Month 1:

Account Titles
Insurance Accrual
Cash (or Accounts Payable)

Debit
$10,000

Credit
$10,000

When the second payment is made on the 15th of Month 2:

Account Titles
Insurance Accrual
Cash (or Accounts Payable)

Debit
$10,000

Credit
$10,000

The monthly payments continue until Month 12 at which point the prepaid insurance and
insurance accrual are reduced to zero. At any point in time, management can see how much is
left to be paid in monthly premium payments for the coverage year.
Unfortunately, this approach of recording insurance premiums creates inflates assets and
liabilities because the company only pays $10,000 per month. The company does not have a
prepaid asset at the end of a month because the company only pays for the current month and
that entire payment should be expensed when paid. Further, the company does not have a
liability at the end of a month because any incurred insurance costs for that month is paid during
the month.
The company should only record prepaid assets when they exist or record liabilities when there
is an obligation. A more appropriate way to record insurance amounts would be as follows:
When an annual insurance quote is obtained at the beginning of Month 1:
No entry should be recorded as this point because the company has not made any payments and
has not incurred any liabilities as of yet. The payment will take place on the 15 th and a liability
will be incurred as time passes during the month (i.e., as insurance coverage is being provided).
When the first payment is made on the 15th of Month 1:

Account Titles
Debit
Credit
Insurance Expense
$10,000
Cash (or Accounts Payable)
$10,000
When the second payment is made on the 15th of Month 2:
Account Titles
Debit
Credit
Insurance Expense
$10,000
Cash (or Accounts Payable)
$10,000

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This correct approach results in no prepaid asset or insurance accrual.In the end, however, note
that either approach would result in the correct amount of insurance expense recorded in the
income statement. Its the balance sheet which will have differences under the two approaches
described above.

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FINAL ACCOUNTS
Step 1: Primary Books and Records
The final accounts are built from the returns submitted by the Divisional office to the
regional/head office. The important primary books and records maintained by the divisional
office include:
- Cash Receipt Book
- Cash Disbursement Book (Commission, claims, premium refunds, other payments)
- Premium Register
- Claims Registers
- Branches also maintain the above-mentioned books. These are accounted and merged with
Divisional accounts.
- Register of Management Expenses
- General Ledger: This is the key book of the accounting system. It contains a record of all the
accounts needed to prepare the Company's final accounts. It has two columns; 'debit' which
records the outgo and 'credit', which records the income
Step 2: Returns
Returns are prepared based on the primary books and records maintained to analyze the
performance. Each company has its own system of reporting and submission of returns.
However, all the returns are required to show the performance in each class of business. These
reports enable reviews of Divisional/Branch/Area/Regional office wise and should incorporate
comments and explanations- Premiums, extra premiums refund premiums such as premium register acceptance advice over
specific limit, copies of policy documents, summary of gross premium.
- Claims paid, outstanding: incurred claims statement analysis of intimated and outstanding
claims, cause analysis of outstanding claims.
- General administration returns Workload analysis, staff matters, analysis of management
expenses.
Step 3: The financial information/statements generated by the primary books of accounts
include:
1) Trial Balance: Accounting is done by a system of double-entry bookkeeping i.e. there must be
an equalizing debit for every credit and vice versa. The accounting transactions are:

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- Entered into ledgers/subsidiary books

- Posted into the general ledger into various accounts
- The balances of the General Ledger are entered account wise into the trial balance
The trial balance will have two columns: Debit and Credit. The total of the debit entries and the
total of the credit entries should tally in order to establish the accuracy of the accounting work
done. The accounts will need to be checked to locate and rectify the error(s) in the event that the
debit and credit do not have the same total.
2) Revenue Account: The revenue account ascertains the results of the business activities during
the year. If the credits exceed the debits, a profit will occur and vice versa. The balance (gross
profit or loss) is transferred to the Profit and Loss Account.
3) Profit and Loss Account: Net profit is the excess of gross profit plus any other income over
losses and expenses for the period. The credit balance in this account shows the net profit and a
debit balance will show a net loss.
4) The Balance Sheet: The balance sheet shows the financial position of the company at the end
of the financial year. It is a summarized statement showing the assets being equal to the capital
and reserves.
Step 4:
Standard Final Accounts of An Insurance Company: The final accounts constitute the revenue,
the profit and loss account and the balance sheet. These have to be signed by the auditors, the
board of directors, and filed with the Government.
Revenue Account for the year ended 31st March 2013
(To be prepared separately for fire, marine, and miscellaneous insurance)
Previous year ($.'000) Current year ($.'000)
1) Premiums earned
2) Change in Provision for Unexpired risk
3) Interest, Dividend and Rent Earned
------------------------------------TOTAL (A)
------------------------------------1) Claims Incurred *
2) Commission
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3) Insurance related Operating Expenses

4) Other specified expense
------------------------------------TOTAL (B)
------------------------------------(A) - (B) is operating profit or losses from Fire/Marine/Miscellaneous business
*Incurred claims = claims paid during the year + claims outstanding at the end of the year claims outstanding at the beginning of the year.
Profit and Loss Account for the year ended 31st March 2013
Previous year ($'000) Current year ($'000)
1) Balance Gross Profit (Loss) from revenue account
a) Fire Insurance
b) Marine Insurance
c) Miscellaneous Insurance
2) Investment Income
3) Other Specified Income
------------------------------------TOTAL (A)
------------------------------------Expenses other than related directly to Insurance Business
------------------------------------TOTAL (B)
------------------------------------Profit/Loss before tax = A-B
Less: Provision for Taxation
Profit after Taxation
Less: Reserves
- Statutory Minimum Reserve
- For Incurred but not reported claims
- For Outstanding claims
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- For Unexpired risks

- For Investment risks
Profits available for appropriation
Less: Appropriations
a) Interim dividends paid
b) Proposed final dividend
c) Dividend distribution tax
Add: Balance of profit/loss of last year brought forward
-----------------------------------------------------------------Balance carried forward to Balance Sheet
------------------------------------------------------------------Balance Sheet as on 31st March 2013
Previous year ($000) Current year ($'000)
Sources of Funds
- Share Capital
- All Reserves
- Surplus from Profit & Loss Account
- Borrowings
-------------------------------------------------------------------TOTAL
-------------------------------------------------------------------Application of Funds
- Investments
- Fixed Assets
- Current Assets
- Advances
- Cash and Bank Balances
------------------------------------------------------SUB-TOTAL (A)
------------------------------------------------------- Provisions
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- Current Liabilities
-------------------------------------------------------SUB-TOTAL (B)
-------------------------------------------------------Net Current Assets C = A-B
ADD:
- Unadjusted Miscellaneous Expenditure
- Debit Balance in Profit and Loss Account
-------------------------------------------------------TOTAL
--------------------------------------------------------

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Bibliography
http://business.gov.in/manage_business/marketting_sales.php
https://tataaiginsurance.in/error/error_tagic.html
http://www.indiastat.com/insurance/19/generalinsurance/111/marine
insurance19512006/450106/stats.aspx
http://www.bajajallianz.com/Corp/corporate/marine-insurance.jsp

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