23rd July 2019 - Author: Luke Gallin A new partnership has been announced between reinsurance giant Swiss Re and Singapore-based managing general agent EF Marine Pte Ltd, to provide Protection & Indemnity (P&I) cover to foreign ships that call at Indian ports, reports the Hindu BusinessLine. According to a report online from the Hindu BusinessLine, India’s maritime administration, the Directorate General of Shipping, has approved the Swiss Re Corporate Solutions / EF Marine partnership, seeing the pair join a list of 13 other marine underwriters that have previously been approved. Under the Merchant Shipping (Regulation of Entry of Ships into Ports, Anchorages and Offshore Facilities) Rules of 2012, it is mandatory for foreign ships of 300 gross tonnage or more that are to enter India’s ports, to hold third-party liability protection against maritime claims. Under this new partnership, EF Marine provides foreign ships with ‘AA-‘ rated P&I cover through Swiss Re Corporate Solutions with limits of up to $500 million, reports the Hindu BusinessLine. According to the Hindu BusinessLine, EF Marine said: “Through our partnership with Swiss Re, we provide our clients with first class security combined with EF Marine’s extensive knowledge of the P&I market.”
Singapore's Directorate General of Shipping has approved a partnership between Swiss Re and EF Marine to offer protection and indemnity (P&I) insurance for foreign ships calling at the country's ports. The collaboration will see India-based EF Marine offer Swiss Re's AA rated P&I cover for up to $500m, according to a report by the Hindu BusinessLine. The firms have been added to a list of 13 approved underwriters.