Rosgosstrakh, a Russian insurance company says it has received accreditation from the Government of India’s Directorate General of Shipping (DGS), opening up new opportunities for the company to insure shipowners’ liability.
The Rosgosstrakh policy, which protects shipowners and charterers from financial losses in the event of potential third-party claims, now allows the insurer’s clients to enter ports in India, one of the Russian Federation’s main trading partners, Rosgosstrakh press office said.
Currently, 17 insurance companies, approximately half of which are Russian, are accredited by the Ministry of Ports, Shipping, and Waterways of India.
Rosgosstrakh’s obligatory insurance coverage allows the company to insure major marine risks. The insurance limit for watercraft, yachts and boats, and ships under construction is RUB 1.5 billion, while the limit for shipowners’ civil liability insurance is up to $100 million.
