Pratik Bijlani –
The Institute of Marine Engineers (India), Mumbai Branch (IMEI) held a crucial technical conference at IMEI House in Navi Mumbai on June 22, with the theme “Insurance: Addressing Shipowners’ Concerns.” The main topic of discussion at the conference was how important insurance is to protecting ships and the seafarers who crew them. As the Chief Guest, Capt Manish Kumar, DG Shipping’s Nautical Surveyor and Deputy Director General (Tech), graced the occasion. Distinguished speakers included Mr. Niladri Bandyopadhay, Senior VP of Mackintosh Management Services Pvt. Ltd., and Capt. Naresh Kumar, VP of Ace Insurance Brokers Pvt. Ltd.
The seminar covered a wide range of maritime insurance topics, including war risk insurance, hull and machinery insurance, and protection and indemnity (P&I) insurance. The significance of these subjects has increased because of the recent upsurge in maritime threats, which includes the terror attacks in the Red Sea by the Houthi Rebels, the criminalization of seafarers on board the MV Dali following its collision with the Baltimore Bridge, the crew and ship of the MSC Aries being taken prisoner, and an increase in Somali pirate incidents involving sea piracy. Maritime security is vitally needed to protect Indian citizens, who make up about ten percent of the world’s maritime labour and are expected to increase to twenty percent in the next ten years.
Mr Arun Kumar Gupta, the Chairman of IMEI Navi Mumbai Chapter and the former CMD of SCI, gave an introductory speech in which he discussed his experiences as a second engineer in the early 1980s and the changing difficulties that modern seafarers confront. Stressing the value of structured insurance policies, he said, “insurance is nothing but a risk mitigating exercise, and yes you have to pay a bit to cover yourself.” Examples of these policies are war risk, kidnap, and ransom insurance.
In his address, Capt. Manish Kumar emphasised the importance of ship insurance, especially P&I and war risk insurance. He underlined how important it is to protect seafarers, pointing out that many businesses disregard their duties to their crew, including making timely payments. The majority of shipping firms offer their seafarers fair working conditions and good services, but Capt. Kumar emphasised the necessity for a national insurance programme for all seafarers at a low cost. However, a considerable proportion of businesses also fail to uphold their commitments and perform their duties to seafarers.
On “War Risk Insurance – Augmenting Ship Owners’ Interests in HRA,” Capt Naresh Kumar elaborated on various insurance covers, including Hull and Machinery, Protection & Indemnity, and War Risk Insurance. The terms of War Risk Insurance, advice for travelling through high-risk regions like the Red Sea and the Gulf of Aden, and the advantages and disadvantages of having armed guards on board were all covered by Capt. Kumar. In addition, he discussed the significance of Kidnap and Ransom (K&R) Cover and offered insights into BMP5, which describes protocols during terrorist or pirate attacks.
On “Protection and Indemnity,” Mr. Niladri Bandyopadhay discussed the value of P&I insurance for shipowners. He gave a summary of James Mackintosh & Co. Pvt. Ltd.’s long history and the situation of its operations in India at the moment. Mr. Bandyopadhay went over the definitions of important insurance words, such as proximate cause, warranty, and good faith. He then went over the different types of marine insurance, stressing the importance of P&I insurance in terms of protecting against legal liability, port property damage, and wreck disposal. He wrapped up by providing a case study that demonstrated how these ideas could be used in real-world situations.
Following the seminar, there was a lively Q&A session that gave guests a chance to interact with the speakers and learn more about the nuances of maritime insurance. Several prominent figures from the industry attended this event, which served as a reminder of how important insurance is for reducing risks and guaranteeing the security and safety of both ships and seafarers.
Marex Media