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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.