Mankad & Associates Insurance Broking Pvt Ltd received its registration from IRDAI in February 2003 and was one of the first few broking companies in India. However, it began more than four decades ago, when the founder promoter saw a gap in the marine liability insurance requirement of the Indian shipping industry, and set up an insurance broking company to cater to the marine liability requirements of ship owners.

Since marine liability insurance was a niche underwriting area, the Government of India had allowed the industry to obtain such covers from the specialised international underwriters. Thus began the journey of providing professional services to Indian shipowners, which then expanded to the overseas market, as the company could tap clients from overseas countries. We have been placing insurance for our clients from Dubai, London, Singapore, etc., in various international markets predominantly with London and European Markets (Lloyds as well as Companies). Our parent company P&I Services Pvt Ltd. provides claim assistance services to ship owners insured with various P&I underwriters.

The company subsequently expanded into reinsurance broking. In India, we have been placing reinsurance, both treaty and facultative, for General Insurance Corporation of India (GIC), United India Insurance Co. Ltd., The New India Assurance Co. Ltd., National Insurance Co. Ltd. We pioneered Comprehensive Port Package Policy and Comprehensive Film Insurance Package by arranging facultative reinsurance from United India Insurance Co. Ltd

The economic liberalisation policies of the Indian Government saw the introduction of the Insurance Regulator, with the passage of the Insurance Regulatory & Development Authority Bill and this ushered in a new era of private and foreign joint venture insurance companies and insurance brokers. We are one of the first few insurance and reinsurance brokers to have been granted a Composite Licence by the Insurance Regulatory and Development Authority of India.

Our team consists of senior people from the insurance industry who bring with them more than four decades of experience in insurance and reinsurance, and also has executives who have been trained at Lloyds in London as well as New York with insurance and reinsurance brokers. It is this training and experience that makes it possible for us to offer the best solutions to our individual and corporate clients in the country and abroad.

Our world-wide network as well as direct contacts with some of the insurers and reinsurers enable us to place facultative, XL and treaty programmes on behalf of our clients promptly.

We presently have offices in Mumbai, Kolkata, and Vadodara, but are in the process of considering other industrial cities for setting up our office.

Role of Insurance Brokers

In 1999, the Insurance Regulatory & Development Authority of India (IRDAI) was set up with the powers to develop and regulate the insurance industry. It introduced the broking regulation in 2002, and the first batch of registrations were given in January 2003.

Till then the only intermediary was an agent, who was permitted to sell retail plus limited corporate insurance covers. With the introduction of the broker, a new form of intermediary with professional skills came to the market. Unlike agents, the broking community represents the insured and not an insurance company. As a true representative of the insured, the broker is allowed by the authority to deal with and place insurance policies with any of the registered insurance companies.

The role of an insurance broker starts with studying the business of the customer, identifying risks, requirements, and continue doing so after the placement of the insurance. A broker plays an active role in claims management from the time of intimation till finalisation, by co-ordinating and following up with the insurer. As such, a broker provides a bouquet of services to the insurance buyer, starting from identifying requirements, negotiating, to assisting, post placement of the insurance service.

What We Do at Mankad

We received our registration in February 2003. Our license has been renewed at regular intervals thereafter. As a duly registered insurance broker, we provide a whole range of services in different classes of business. The company has years of experience in assisting clients in underwriting and claims. We endeavor to get the best possible cover and negotiate the right insurance condition for our client. Experience is a key enabler in the insurance field and to this end Mankad & Associates has senior people with insurance underwriting background, who are well versed in various classes of business.


Mr. A.N. Poddar (M.A., FIII) – Chairman

He is a former Chairman cum Managing Director of National Insurance Co. Ltd. and has to his credit 40 years of experience in non-life insurance, serving in various senior capacities in LIC of India, The New India Assurance Co. Ltd., General Insurance Corporation of India and India International Insurance Pvt. Ltd., Singapore.

Mr. Poddar has served as a Member of the Tariff Advisory Committee and on various important committees of the government of India and General Insurance Corporation of India, in non-life Insurance policy matters. He has been a member on the Board of Directors of several leading private industrial houses, a member of the Governing Body of Loss Prevention Association of India and National Insurance Academy, and a Trustee of GIC Mutual Fund.

S. K. Mankad (B.A., L.L.B., L.L.M.) – Director

He is the founder member of Mankad & Associates, a partnership firm dealing with marine liability and reinsurance, established in 1989. This was after a short stint with the Shipping Corporation of India and The New India Assurance Co. Ltd. He is also the Managing Director of P & I Services Pvt. Ltd. He was instrumental in setting up Mankad and Associates Insurance Broking Pvt Ltd.

K. S. Mankad (B.Com., L.L.B.) – Director

He joined Mankad & Associates as a partner in 1989. In 1993, he was deputed to London where he underwent hands-on training with Tyser & Co. (Lloyd’s International Insurance & Reinsurance Brokers). Then two weeks with Richards Hogg International Ltd. (GA & Loss Adjuster), two weeks with M/s. Holman Fenwick & Willan, for on-the-spot case study of various Admiralty matters, and four weeks with various P & I Associations. After his return, he joined Mankad & Associates as a Director.

Rajesh Maru – Director

He joined the P&I Services Pvt. Ltd. in 1981. He was nominated as the Finance Director of Mankad & Associates Insurance Broking Pvt Ltd. in 2004. He has vast experience in the field of accountancy, and has been looking after the regulatory requirements of IRDAI, overseeing the branch accounts, and company law requirements.

K. P. Gopalakrishnan – Vice President (Technical)

He worked for 38 years in the general insurance industry, retired as manager under VRS from the Oriental Insurance Co. Ltd., and handled technical departments in both underwriting and claims. He was also in charge of the HRD Department. He is a competent technical hand in the organisation.

K. K. Sengupta – Principal Officer & Director

He is an M.A. and a Licentiate from the Insurance Institute of India, and has almost 30 years of experience in the insurance industry. He is well versed with underwriting and claims handling for marine insurance (Hull / Cargo), and has exposure to Fire, Marine, Engineering and Motor Insurance. Mr. Sengupta has recently been appointed to the board, and has also taken charge as the Principal Officer.

Harshad Narichania [B.Com., L.L.B., P.C.O.M.I. (USA)] — Reinsurance Head

He has over 35 years of combined experience in insurance broking, marine claims adjusting, marine claims recoveries and legal field specialising in maritime/shipping, insurance laws etc. He has passed the Composite Insurance Brokers Examination Certificate as per IRDAI Regulations through National Insurance Academy, Pune in 2003.

Services Offered

  • Study and analyse the risk exposure and recommend insurance cover
  • Review current policies and offer recommendations for changing the terms of insurance cover to suit the client’s exposure or requirements
  • Obtain competitive rates from the insurers (with good ratings) for similar policies
  • Negotiate the cover and its terms with the insurer on behalf of the client
  • Ensure timely payment of the premiums and timely renewals
  • Maintain records of the client’s insurance portfolio and review the same from time to time
  • Maintain records of the client’s premium or loss statistics
  • In the event of claims, provide assistance in presentation and follow-up of claims