IAI is a professional body established by converting the then Actual Society of India by way of enactment of the Actuaries Act, 2006. IAI is having a statutory character on the same lines as those for the professions of Chartered Accountants, Cost and Works Accountants and Company Secretaries The Objects of the IAI: To promote, uphold and develop the standards of professional education, training, knowledge, practice and conduct amongst Actuaries;To promote the status of the Actuarial profession;To regulate the practice by the Members of the profession of Actuary;To promote, in the public interest, knowledge and research in all the matters relevant to Actuarial Science and its application; andTo do all such things as may be incidental or conducive to the above objects or any of them.Institute for Global Insurance Education (IGIE) : The concept of an international insurance educational institute was discussed among leaders in the field of insurance education in 1996. It was felt that a common set of standards was required for all insurance professionals. Accordingly, Institute for Global Insurance Education was set up in January 1997. IGIE is an association comprised of independent, international insurance institutes who are united by a common goal: to deliver professional education to insurance industry professionals. IGIE offers two courses that provide students with a basic knowledge of non-life and life insurance. Although, these courses do not lead to any professional designation, employment or licensing they do allow students to gain a basic understanding of insurance. Institute of Insurance Surveyors and Loss Assessors (IIISLA) : The Indian Institute of Insurance and Loss Assessors is established under Section 25 of the Companies Act 1956 on 4 th October 2005. The main objects for creation the IIISLA were: To promote quality in profession of Surveyors and Loss Assessors through education and training facilitate introduction of best practices amongst its members and to disseminate technical information amongst its members to upgrade their skill and knowledge.To conduct Professional examinations relating to the profession of Surveyors and Loss Assessors.To promote research and studies in loss control and minimization techniques and measures and share the same with Insurance Industry and general public and to update its members on application of new technologies for improving service to the users and consumers.To bring out guidance notes, instruction manuals, periodicals for the use and benefit of members and others connected with the profession of surveyors and loss assessors. (5) To develop and administer code of conduct and ethics from time to time with the concurrence of the IRDA and ensure compliance of the same by its members and also ensure that the members maintain/adhere to high standards of integrity, transparency, discipline, and professional conduct. In addition, To organize, present, manage, superintend, conduct and participate at any place or places talks, lectures, seminars, conferences, and other educational and professional development functions on insurance or other appropriate or insurance related subjects like loss mitigation, loss prevention, loss assessment, and risk management and to establish, promote and maintain libraries, and reading and writing rooms, and to furnish the same respectively with books, reviews, magazines, newspapers and other publications; and to issue, print, publish and/or sell any publications, newspapers, periodicals, magazines, books, reports or leaflets that the company may think desirable for the promotion of its objects and diffuse among its members of the profession of surveyors and loss assessors information on all matters affecting the profession of surveyors and loss assessors, and to improve and elevate the technical and general knowledge of persons engaged in or about to engage in the profession of surveyors and loss assessors or any employment in connection therewith.Institute of London Underwriters : Formed in 1884 in London the Institute holds a dominant place among marine Underwriting associations. It fostered market agreements and in general provided a forum for discussion on marine Insurance problem on national or international level. The objects of the Institute were the advancement of marine Insurance and the protection of the of the interest of companies Writing marine business by consultation and united action. The Institute was responsible for standardization of marine Insurance clauses, a matter which was delegated to the Technical and Clauses Committee, which worked in association with Lloyd’s Underwriters Association and other interested bodies. At the end of 1998 the ILU merged with LIRMA (the London Insurance and Reinsurance Market Association) which was the trade association acting for non-marine insurance companies. This move was driven by companies who wrote both marine and non-marine business and saw the value in having one trade association to represent them and to act as an administrative and policy signing and accounting bureau. Thus the IUA (the International Underwriting Association of London) was set up on 1 January 1999 and all the ILU’s then members ceased their membership of the Institute and became members of the IUA.

IFBI has been a pioneer in the Banking, Financial Services and Insurance education and training space in India since 2006. Established by Global Talent Development Company NIIT in association with ICICI BANK, IFBI Today works with multiple partners – for placement and for corporate solutions and also offers programs for a variety of student segments – whether it is graduates seeking banking or insurance careers or banking professionals looking to upgrade their knowledge.

A part of the American Council of Life Insurance, which originated as an agency tasked with building the reputation of life insurance.

Clause 372 dated 01.12.208: This clause provides that in the event of any loss of or damage to any part(s) of an insured machine or other manufactured item consisting of more than one part caused by a peril covered then the sum recoverable shall not exceed the cost of replacement or repair of such part(s) plus labour for (re)fitting and carriage costs. Duty if any is payable if included in the amount insured.

Hull and Machinery-Risks covered : 1. This insurance covers loss of or damage to the subject-matter insured caused by Perils of the seas rivers lakes or other navigable watersFire, explosionViolent theft by persons from outside the VesselJettisonPiracyBreakdown of or accident to nuclear installations or reactorsContact with aircraft or similar objects, or objects falling therefrom, land conveyance, dock or harbor equipment or installationEarthquake volcanic eruption or lightning2. This insurance covers loss of or damage to the subject-matter insured caused by Accident in loading discharging or shifting cargo or fuelBursting of boilers breakage of shafts or any latent defect in the machinery or hullNegligence of Master Officers Crew or PilotsNegligence of repairers or charterers provided such repairers or charterers are not an Assured hereunderBarratry of Master Officers or Crew provided such loss or damage has not resulted from want of due diligence by the Assured, Owners or ManagersNote : Masters, Officers, Crew or pilots not to be considered owners within the meaning of this clause should they hold shares in the vessel. Explanation : Barratry is wrongful act of the Master and/or crew to the detriment of the owners of the vessel, for example, scuttling, running the vessel ashore, setting the vessel on fire, etc. Explanation : The cover afforded by the Perils clause is the consequential loss or damage arising from the operation of the specified perils. The part that breaks is not recoverable unless the breakage of the part itself has been caused by a specified peril. For example, if the tail-shaft broke and as a consequence, damaged the propeller, only the cost of repairing the propeller will be recoverable. But if the tail-shaft broke as a result of, say, the negligence of repairers, the replacement of the tail-shaft would also be recoverable. However, it is possible to cover Additional perils under the Institute Additional Perils Clause Hulls 1.10.1983 subject to extra premium whereby the insurance is extended to cover the cost of repairing or replacing: Any boiler which bursts or shaft that breaksAny defective part which has caused the loss or damage to the vesselLoss or damage to the vessel caused by any accident, negligence, incompetence or error of judgment of any person whatsoever.The Additional Perils Clause however will not cover any part Which is found to be defective as a result or fault or error in the design or construction of the vessel, andThat which has not caused any consequential damage.Institute Voyage Policy : Institute Voyage Clauses cover a vessel for a particular voyage rather than a specific period of time.
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H&M Institute Time Clauses (Hulls) 1983 : The first wet of comprehensive Hull Clauses, independent of the erstwhile S.G. form was devised and came into effect in the London market in October 1983. The widest cover for Hull and Machinery (H&M) interest is provided by Institute Tie Clauses (Hulls) dated 1.10.1983. They cover H&M on “full condition.” There are 26 clauses The Indian Marine Hull market still follows the 1.10.1983 version, although the Joint Hull Committee (JHC) in London has issued revised version of ITC Hulls dated 1.11.1995. Subsequently in 2002, the International Hull Clauses were introduced which were amended in 2003 and the latest version is effective from 1.11.2003. But Indian Market is still using 1.10.1983 version only.

Difference between ITC Hulls 1983 and ITC Hulls 1995 : The Hull clauses were revised in 1995. The main difference is that ITC Hulls 1995 has one more version of Restricted Perils. Other changes are (i) in Navigation Clause where two more sub clauses are added, and (ii) Introducing a new Clause CLASSIFICATION CLAUSE to impose strict duty on assured on the subject t of classification. Besides the clauses are rearranged.