Various underwriting guidelines such as registration certificate and valuation certificate of vessel, previous insurance history, risks to be covered must clearly stated in the proposal form, vessel trading details, financial institutions interest on the vessel, trading limit, type of vessel whether wood or steel, fibre glass are to be examined carefully before issuance of the policy.
Since Marine insurance had undergone frequent changes prior to liberalization of insurance and being non tariff business, no significant changes took place in these branches of insurance after liberalization of insurance in India. At times, it acted as an accommodative insurance business to grab other major insurance business of the corporate clients.
Various underwriting guidelines such as registration certificate and valuation certificate of vessel, previous insurance history, risks to be covered must clearly stated in the proposal form, vessel trading details, financial institutions interest on the vessel, trading limit, type of vessel whether wood or steel, fibre glass are to be examined carefully before issuance of the policy.
Since Marine insurance had undergone frequent changes prior to liberalization of insurance and being non tariff business, no significant changes took place in these branches of insurance after liberalization of insurance in India. At times, it acted as an accommodative insurance business to grab other major insurance business of the corporate clients.
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