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INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY - page 194 / 228

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194 / 228

ANNUAL REPORT 2007-08

ANNEX VII

OBLIGATORY CESSIONS RECEIVED BY GIC

Reinsurance Commission

Profit Commission

35% Lead Terms 25.00%

25% 20% 10% at the end of 36 months

Net rated risks: 5% Gross rated risks: 17.5%

20% 20% 12.50% 12.50% Average Terms

Nil Nil Nil Nil Nil

5% 25%

20% at the end of 36 months Nil

10%

Nil

20% 25% 30%

Nil Nil 25%

30%

25%

CLASS

LIMIT OF CESSION IN SUM INSURED OR PML

Fire, IAR, CL Mega Risks Marine Cargo, War & SRCC Marine Hull, War & SRCC

Rs. 100 Crores PML per risk Rs. 100 Crores PML per risk Rs. 10 Crores sum insured per policy Rs.16 Crores sum insured per vessel

Machinery Breakdown, Boiler Explosion and related loss of profits

Rs.30 crores PML but where PML exceeds 33.3%, Rs. 90 crores sum insured on each risk, material damage and loss of profits combined

Contractor’s All Risks, Erection All Risks, Advance Loss of Profits, DSU insurances

Rs. 60 crores PML but where PML exceeds 33.3%, Rs. 180 crores sum insured on each risk material damage and loss of profits combined.

Motor Workmen’s Compensation General Aviation Hull General Aviation Liability Aviation (Airlines)

No limit No limit No limit No limit

Rs. 120 crores sum insured per risk on hull and corresponding percentage share on other insurances

Oil and Energy

Rs. 15 crores sum insured per risk

All Liability Products excluding financial liability

Rs. 5 Crores per policy including USA/ Rs. 10 Crores per policy excluding USA

Financial, credit & guarantee lines, mortgage insurance, special contingency policies,

Crop/ Weather Insurance Other Miscellaneous

Rs. 10 Crores sum insured per event

etc Rs. 10 Crores sum insured per event No limit*

178

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