GOI Scheme of war risk Insurance of Marine Hulls.
The Government of India’s (GOI) Scheme of War Risk Insurance of Marine Hulls (WRIMH) was introduced in 1976 to provide insurance coverage to Indian-owned and registered ships against war and related risks. The scheme is administered by the General Insurance Corporation of India (GIC Re), a public sector insurance company.
The WRIMH covers loss or damage to ships caused by:
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War, civil war, revolution, rebellion, insurrection, or civil strife arising there from, or any hostile act by or against a belligerent power
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Capture seizure arrest restraint or detainment, arising from risks covered under 1.1 above, and the consequences thereof or any attempt thereat [Image of Capture seizure arrest restraint or detainment]
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Derelict mines torpedoes bombs or other derelict weapons of war
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Any terrorist or any person acting maliciously or with a political motive
The premium for WRIMH is based on the value of the ship and the voyage route. The premium is payable to GIC Re, and the policy is issued by the designated insurance companies.
The WRIMH has been instrumental in providing insurance coverage to Indian-owned and registered ships against war and related risks. The scheme has helped to protect the Indian shipping industry from the financial losses that can be caused by these risks.
The WRIMH is an important part of the GOI’s efforts to promote the development of the Indian shipping industry. The scheme has helped to make India a more attractive destination for shipping investment.
The WRIMH is a valuable tool for Indian shipowners. The scheme provides them with the peace of mind knowing that their ships are insured against war and related risks.
The WRIMH is a well-designed and well-managed scheme. The scheme has been successful in providing insurance coverage to Indian-owned and registered ships against war and related risks.
The WRIMH is an important part of the GOI’s efforts to promote the development of the Indian shipping industry. The scheme has helped to make India a more attractive destination for shipping investment.
The WRIMH is a valuable tool for Indian shipowners. The scheme provides them with the peace of mind knowing that their ships are insured against war and related risks.