EF Marine, a marine insurer backed with finance from Swiss Re’s Corporate Solutions arm, is now an approved insurance provider for the purpose of the Indian Merchant Shipping (Regulation of Entry of Ships into Ports, Anchorages and Offshore facilities) Rules, 2012.
Any vessel of 300 gt or more which are not Indian flagged must be adequately insured against maritime claims when entering or leaving ports, terminals, anchorages or seeking port facilities in Indian territorial waters. Operators of vessels need to prove that they have valid P&I cover from an insurance provider approved by the Government of India. The P&I insurance must be valid during the vessels’ stay in the port areas or offshore terminal under the jurisdiction of India or areas in the Coastal Waters of India. Without it, vessels are not allowed to enter or leave Indian territorial waters or facilities governed by Indian jurisdiction.
EF Marine provides Fixed Premium P&I solutions to Shipowners, Charterers and MultiModal operators. Although Swiss Re Corporate Solutions has been reported as pulling out of cargo – one of several lines to be trimmed as it cuts $900m of premiums from its portfolio – it is remaining in the hull and liability business.