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Marine Hull & Machinery Insurance

Two Types of Coverages

  • Total Loss Only
  • All Risks

 

(a) Total Loss Only

  • Premium rate (from 1% to 2%)
  • It covers loss of or damage to the subject-matter insured caused by maritime perils or accidents.
  • If the repair and /or salvage charges for the last or damaged vessel exceeds the insured value, it is assumed to be the constructive total loss. Then Myanma Insurance will pay the indemnity and the ownership of the vessel will be taken by Myanmar Insurance.

 

(b) All Risks

  • Premium rate (from 2% to 3%)

 

Requirements for Indemnity

  1. Claim Bill
  2. Damage Report
  3. Master Report
  4. Survey Report
  5. Log Abstract
  6. Repair Invoice
  7. Bill of Survey & Fees

 

Underwriting Requirements

  • Proposal
  • Copy of License
  • Photos of Vessel (in front of, behind, left, right and photo of engine)
  • Copy of Master’s Certificate
  • Brief History of Master
  • Survey Report
  • Assessor’s Report

 

Premium Rates

Steel Hull (Overseas, Inland) Institute Time Clauses-Hulls 1.10.83, Institute  Voyage  Clauses-Hulls 1.10.83 and special conditions mentioned in policy

 

Additional Premium
war, strikes, malicious acts and nuclear 0.1%
 
Normal Premium Rate
Vessel’s age (year)   Hull and Machinery Increased Value
1-5 2.00% 0.30%
6-10 2.25%
11-15  2.50%

0.65%
16-20  2.75%
Over 20 3.00%

Deductible – kyats 500,000 (or) equivalent

 

Wooden Hull, Institute Time Clauses-Hulls 1.10.83,CL-284, Institute Voyage Clauses-Hulls 1.10.83,CL-286

Inland Cargo 1.4%
Coastal Cargo 1.8%
Coastal Fishery 2.0%

 

  • Stamp fees (10kyats) for the insured value (100,000 kyats).

All Products

Government Personnel (Short Term) Endowment Life Assurance

Government Personnel Life Assurance

Army Personnel Life Assurance

Public Life Assurance

Short Term Endowment Life Insurance

Education Life Insurance

Student Life Insurance

Shore Job Life Insurance

Seamen Life Insurance

Seamen Life Insurance (Plan)

Local Seamen Life Insurance

Farmers’ Life Insurance

Snake Bite Life Insurance

Group Life Insurance

Public Term Life Insurance

Sportsmen Life Insurance

Health Insurance including Covid-19 Cover

Critical Illness Insurance

Micro Health Insurance

Single Premium Credit Life Insurance

Short Term Single Premium Credit Life Insurance

Single Premium Endowment

Smart Saving 5/2 Life Insurance

Third Party Liability Insurance

Inbound Travel Insurance For USD

Fire & Allied Perils Insurance

Burglary Insurance

Fidelity Insurance

Cash-in-Safe Insurance

Cash-in-transit Insurance

Personal Accident & Disease Insurance

Personal Accident Insurance

Workmen's Compensation Insurance

General Third Party / Public / Commercial General Liability Insurance

Contractor’s Plant and Machinery Insurance

Deposit Insurance

Marine Cargo Insurance

Marine Hull & Machinery Insurance

Aviation Hull Insurance

Aviation Liability Insurance

Travel Insurance

Ship Owner and Ship Operator's Liability Insurance

Kyar Fishing Barge Owner’s Liability Insurance

Oil & Gas Insurance

Comprehensive Motor Insurance

Credit Guarantee Insurance

Contractors’ All Risks Insurance

Erection All Risks Insurance

Electronic Equipment Insurance

Miners’ Liability Insurance

Reinsurance

Machinery Insurance

Contact Phone Number

Life Insurance (Underwriting) Department

01 - 8391990

Life Insurance (Claim) Department

01 - 8384881

Life Reinsurance Department

01-8386919

Motor Vehicle Insurance (Underwriting) Department

09-880 177 428

Motor Vehicle Insurance (Claim) Department

09-880177427

Marine, Aviation & Travelling Insurance (Underwriting) Department

01-8251761 , 01- 8391993

Marine, Aviation & Travelling Insurance (Claim) Department

01-8251761

Fire, Engineering and Miscellaneous Insurance (Underwriting) Department

01-384867

Fire, Engineering and Miscellaneous Insurance (Claim) Department

01-8251762

General Reinsurance Department

01-8384880

Admin Department

01-8379088, 01-8384865,
01-8252372, 01-8246902

Account Department

01-8384868, 01-8384870

Marketing Department

01-8391995, 01-8391996

Duty Room

01-8379188