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Marine Cargo Insurance

This insurance provides the businesses with indemnity and financial protection for unexpected loss of goods during transportation by sea, river and land due to natural disaster, accident, fire and loss of transport vessels/vehicles. This insurance covers for the imports and exports, the cargoes transporting on the inland waterways. This policy is a one trip policy.

Benefits

Businesses are using both land and sea transport in order to deliver the goods and also facing increase pressure to minimize the loss of goods during transport. Marine cargo insurance policy insures businesses against loss of goods during transport due to unforeseen circumstances.

At AMI, we provide you with the coverage for unexpected loss of goods during transportation within the country. This policy covers loss of goods during transport due to natural disaster, accident, fire and loss of transport vehicles.

This is the widest form of cover. This policy covers all risks of loss of or damage to the goods in the Institute Cargo Clauses (A) except as provided in the exclusions.

Institute Cargo Clauses (C) 1.1.82 – ICC (C)

This policy covers against total loss of or damage to the goods attributable to or caused by in the Institute Cargo Clauses (C):

  • fire or explosion
  • vessel or craft being stranded grounded sunk or capsized
  • overturning or derailment of land conveyance
  • collision or contact of vessel craft or conveyance with any external object other than water

This policy provide coverage for Total Loss of Goods only and customer is not eligible to claim for partial Loss of Goods

Footnotes

  • Any change in the insured value should be informed immediately to the Insurance Company, prior to departure
  • Any change in the Vessel or Vehicle to transport the cargo should be informed immediately to the Insurance Company, prior to departure. Failure to do so may cause a rejection in Claims should a damage/loss be incurred
  • Route of transportation of Cargo should be stated in the proposal. Any deviation in the transport route should be made known to the Insurance Company.
  • In cases of inland marine cargo, should the departure date be delayed/postponed, a fine of 10% of original Premium will be levied. The fine will cover (30) days before departure date and (33) days before unloading at the destination port.
  • All efforts should be made to salvage all cargo from loss/damage from either a sinking vessel or from the motor vehicle, should an accident/accident incurred.
  • 10 Kyats Stamp Duty for every 100,000 Kyats premium will be charged. (Stamp Duty fee is 0.01% of premium)

Policy Period

  • One trip

Most common type of policy and it covers from cargo when it travels from one place to another place (within one location) and for each individual voyage.

Insured Value

Insured Value = C (cargo value) + 10%

Premium

  • The premium amount is based on sumed insured amount and also vary upon the category of cargo, the route of carrying path and the weather condition.

Premium Rate

marineCago
Remark : The monsoon period starts from May 1 to October 15 every year.
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