This policy has been specifically designed to cater to the marine liabilities exposure of Port and Terminal Operations. These operations in India have undergone a change and have moved towards adopting modern methods of operations at ports including a lot of activity where the port authorities have leased out their space for handling of their operations in terms of terminals, managing cargo in depot. There has also been structural re engineering of the entire gamut of port operations.

The policy:
The policy developed by Bajaj Allianz takes care of all marine liabilities of the port and terminal operations.

To whom the policy can be sold:

The policy can be sold to the following enterprises in the freight services industry:

• Port Authority acting as a landlord
  
• Port Authority operating a port/ terminal
  
• Marine Terminal Operator
  
• Rail Freight Depot
  
• Inland Container or Clearance Depot
  
• Operator of handling equipment
  
• Stevedores

What operations does the policy apply to:

The policy covers the following operations of the prospective buyers of the policy:

• Loading and unloading of cargo and/or containers to or from vessels or other forms of conveyances
  
• Distribution, collection or release of cargo and/ or containers to or from the insured location
  
• Operation of equipment
  
• Warehousing including packing and unpacking of cargo
  
• Repairs and maintenance of containers and equipment
  
• Provision of security services
  
• Provision of port information

In additions to the above the policy can be extended to cover the operations of:

• Errors and Omissions
  
• Third Party Liability

What coverage does the policy provide:
The policy provides for all legal liabilities that the port and terminal operator is exposed to in its respective operations, subject to terms and conditions proposed and agreed to by the insurers. In particular, the policy covers legal liabilities arising out of:

• Loss or damage to cargo, containers, equipment, vessels, or other property whilst in the care, custody or control of the assured or whilst on its premises.
  
• Costs and expenses of removing any wreck or debris for which the insured may be legally liable.
  
• Consequential loss and/ or business interruption resulting from 1 above.
  
• The Errors and Omissions extension would cover legal liability arising out of the operations of he insured following a negligent act, error or omission by the insured which does not give rise to a claim in 1 above and resulting in the insured failing to fulfill a contractual obligation (partly or fully).
  
• The Third Party Liability extension would cover physical loss or damage to property, bodily death or injury or illness and legally recoverable consequential loss arising out of the operations of the insured.

The policy however will not cover:

• Dry docking or ship-repair
  
• Dredging or related activities
  
• Operations of ships, tugs, barges, dredgers or other similar vessels; passenger operations

The policy is one of indemnity only unless otherwise specified in the schedule. It is also for claims made during the policy period except for the extension of the policy specifically stating the claims made basis nature of the cover.

For detailed terms, conditions, and exclusions the policy document may please be referred.

It may be mentioned that there may be some operations and activities that may not be fitting the profile of the prospect fully. In such a situation, specific advices of reinsurers may have to be obtained and based on them the cover can be designed. Complete filling of the questionnaire would be of great help.