This insurance provides the businesses with coverage for Hull and Machinery of vessels operating both on inland and overseas. Apart from the fleets of Five Star Shipping Company, we offer the marine insurance for the steel-hulled vessels operating both on inland and overseas.
Institute Time Clauses (Total Loss Only) 1.10.83
This Clause covers Total Loss (Actual Total Loss and Constructive Total Loss) of the vessel insured caused by the following perils:
- perils of the seas, rivers, lakes or other navigable waters
- fire, explosion
- Violent theft by persons from outside the Vessel
- Breakdown of or accident to nuclea installations or reactors
- Contact with aircraft or similar objects, or objects falling therefrom, land conveyance, dock or harbour equipment or installation
- Earthquake, volcanic eruption or lightning
- Accidents in loading discharging or shifting cargo or fuel
- Bursting of boilers, breakage of shafts or any latent defect in the machinery or hull
- Negligence of Master Officers, Crew or Pilots
- Negligence of repairers or charterers provided such repairers or charterers are not an Assured hereunder
- Barratry of Master Officers or Crew
And provided such loss or damage has not resulted from want of due diligence by the Assured, Owners or Managers.
The cover may be either a ‘voyage’ or ‘time’ basis by the desire of the assured. Voyage Policy – One trip (from one port to other port) Time Policy – One Year For those who wish to insure less than one year, short period rate (one month, two months, etc.) will be applied in such conditions.
- For Vessels of age older than 20 years, additional 10% of the original premium will be charged.
- We do not offer the marine insurance for the fleets of Five Star Shipping Company.
- We do not accept the insurance of Wooden Hull Vessels.
- The cover may be either a ‘Voyage’ or ‘time’ basis by the desire of the insurer.
- You must notify us in writing with full details of the incident/accident as soon as possible. If it is impossible to notify at once, you must notify within 3 days to avoid any prejudice to your claim.
- Insurance premium are based upon the type of vessels, use of vessels, vessels navigating areas.
- 10 Kyats Stamp Duty for every 100,000 Kyats premium will be charged. (Stamp duty fee is 0.01% of premium)
- People or Organizations who own the vessel and those who get bank loans
- People or Organizations chartering the vessel
- The insured value can be determined by an agreed upon amount between the insurer and the assured.