Marine Cargo Insurance
Two Types of Coverages
- Total Loss Only
- All Risks
(a) Total Loss Only (Institute Cargo Clause (CL-254)
- It covers total loss of the cargoes due to the loss or sinking of the vessel caused by disaster, (or) contact or collision of ship with an unforeseeable object (or) fire.
- Partial loss is not covered.
Premium Rates
| Inland water (or) By road |
0.14% |
| Coastal voyage (October 16 to April 30) |
0.28% |
| Coastal voyage (May 1 to October 15) |
0.56% |
| By road for petroleum |
0.28% |
| By road for breakable cargo |
0.80% |
Requirements for Indemnity
- Original Policy
- Endorsement if any
- License
- Serang Affidavit
- Cargo Manifest
- Claim Bill
- Survey Report
- Regional Authority’s Certificate
- Regional Police Certificate
- Departmental enquiry report if any
- Salvage recovery if any
- Bank Statement (or) Receipt
- Proposal
- Master’s License
- Photos of the sunk vessel
- Master and ship workers’ statements
- Sue and Labour Charges
- Departure Certificate of Vessel
(b) All Risks (Institute Cargo Clause (CL-382/383/384)01/01/2009
- Partial loss is covered since it is the widest one among the marine insurance covers.
Premium Rates
| General Cargo |
0.56% |
| Breakable cargo, Fertilizer (powder) |
0.80% |
Additional Premium
| Transhipment |
0.28% |
| Via |
0.14% |
| Suez |
0.0375% |
| War Zone & Surcharge |
0.05% |
Requirements for Indemnity
- Original Policy/ Certificate
- Endorsement if any
- Invoice
- Bill of Lading
- Survey Report
- Claim Bill
- Indemnity or Relevant Documents from Ship Owner
- Salvage recovery if
Facts about Insured Cargo
- Insured Value
- Name of Vessel
- Type of Cargo, Quantity, Weight
- Sailing Date
- route (from – to)
- Type of Packing
- Part, Full or Final Shipment
- Transhipment / Via
- Coverage Required
- Any Other Information if any
- Insured’s name and address
To submit proposal with both copy of vessel license and copy of cargo transportation license.
Stamp Fees
Stamp fees (10 kyats) for the insured value (100,000 kyats).
