New India Assurance launches P&I cover for ship owners

State-run New India Assurance today forayed into protection and indemnity (P&I) cover for the inland and coastal vessels, which is dominated by international players.

"This is the first time that any domestic plater has entered in the segment, which is dominated by international players under the exemptions given by the regulator," New India Assurance Company chairman and managing director G Srinivasan told reporters here.

Initially, he said, the company will cover vessels in Indian waters including dry cargo, tugs barges among others.

"We will extend it to ocean going vessels later," he added.

The sum insured for each vessel will be Rs 33 crore and there is no provision for any condition survey for vessels less than 10 years.

This product has been backed by reputed reinsurers and P&I Clubs of repute, Srinivasan said.