New India Assurance

"Indian shipping firms will continue to transport Iranian crude even if limited insurance coverage due to tightening Western sanctions leaves them financially exposed to a spill or accident, a top executive and industry sources said... Shipping Corp of India, which is the country's largest shipping firm, Great Eastern and other Indian tanker firms have asked state insurers to step in and provide up to $50 million in third-party liability coverage per tanker voyage. The amount is a fraction of the typical $1 billion coverage that a supertanker carrying around 2 million barrels of crude would have from reinsurers against personal injury and pollution claims. India's shipping companies would run the risk of shipping the crude even though they would be liable for any claims above $50 million in the case of an incident, industry sources said... The shipping firms have sent their request to state insurers United India Insurance, General Insurance Company, New India Assurance Co. Ltd., National Insurance Co. Ltd. and the Oriental Insurance Co. Ltd., said a shipping source. The shipping and finance ministries were also looking at the proposal." (Chicago Tribune, "Indian firms to carry Iran crude despite reduced insurance," 4/24/12) (http://www.chicagotribune.com/news/sns-rt-us-india-oil-iranbre83n0dm-20120424,0,4527699.story)

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"India has given state-run insurers approval to provide limited cover to its ships transporting Iran's oil. . . Domestic insurance firms are allowed to provide ship owners carrying Iranian oil $50 million in cover against pollution and personal injury claims, also known as protection and indemnity (P&I) insurance, Devli said. They will also provide hull and machinery cover of $50 million, to protect ships against physical damage. General Insurance Corp of India will be the re-insurer and cover will be extended by any of four state-run non-life insurance firms: United India Insurance, New India Assurance Co. Ltd., National Insurance Co. Ltd. and the Oriental Insurance Co. Ltd. 'We have received a letter from the shipping ministry ... saying General Insurance Corp has provisionally been allowed to arrange cover,' said a source at a state-run refiner." (Reuters, "India insures Iran oil imports to safeguard flow -sources," 7/10/12) (http://www.unitedagainstnucleariran.com/company/general-insurance-company) (http://www.unitedagainstnucleariran.com/company/united-india-insurance) (http://www.unitedagainstnucleariran.com/company/national-insurance-co-ltd) (http://www.unitedagainstnucleariran.com/company/oriental-insurance-co-ltd) (http://in.reuters.com/article/2012/07/10/india-iran-insurance-idINL3E8I941C20120710)