Rs 15 Crore Investment Sinks in Narayani River Due to Lack of Policy Arrangement by Insurance Authority

Kathmandu. A two-storey water vessel collided with a pillar of the bridge over the Narayani River in Chitwan, damaging the vessel. The water current and the weight of the vessel swept away a 60-ton bridge pillar. An investigation into the accident that occurred on Ashwin 11 is ongoing. Security personnel have brought the damaged vessel, which was stuck after colliding with the pillar on the western side of the bridge, i.e., towards Gaindakot, to the riverbank.

Dipak Dhungel, Chairman of Rhino Water Entertainment Pvt. Ltd., said that the accident caused a loss of about Rs 15 crore. He complained that despite repeated efforts with the Nepal Insurance Authority regarding insurance of the cruise (vessel), there was no policy facilitation from the authority.

Dhungel complained that although he had insured the bank loan for loan security, the insurance company is rejecting the claim, saying there is no arrangement to cover the risk of the water vessel. "We had asked to insure the vessel as well," he told Insurance News, "but the insurance company had only insured the overall property including the hotel."

There was haste to insure at the time of loan approval, we had also shown interest in other companies, Dhungel said in response to further queries by Insurance News about why the vessel was not insured, "but as it was getting late, we finally insured with National Insurance."

Dhungel demands that a policy arrangement be made to bear the risk of entrepreneurs investing in water tourism in Nepal. "Insurance of investment related to water tourism is necessary not only for me," he said, "but also for other entrepreneurs. Since it is not possible to continue the business for a long time by bearing the risk personally, the state must immediately address this."

Entrepreneurs complain that although there is a provision for insurance of cargo water vessels in Nepal, there is no insurance arrangement for bearing the risk of vessels built and operated for recreational and tourist purposes.

Entrepreneur Dhungel, issuing an emotional message on social media Facebook, wrote, "Today, seeing Rhino Cruise in this condition, it is hard to hold my heart. This was not just a Cruise for me—it was years of dream, hard work, investment, and a courage that something new can be done in Nepal. The extraordinary flood of the Narayani swept away our structure, wounded our dream; but it could not sweep away my faith and courage. Today, I do not want to give any answer to those who blame and scold based on some words and some pictures without understanding the incident and the situation—time and facts will answer themselves. If there was any shortcoming on our part, I am ready to take responsibility and apologize from the heart; but instead of making natural disaster merely a subject of accusation and scolding, my wish is that a debate should begin on how to develop safe and organized water tourism in Nepal by learning from this."