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.

A set of express warranties in a hull Policy which mainly recites the agreement of the insurer to protection the insured against some form of loss or damage.