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Marine Insurance

Q: Apart from insuring the transport goods (by vessels, cargo barges, oil barges) through inland waterways, what else can be insured?
Ans : Goods transporting along the coast of Myanmar can be insured (Myeik, Kaut Thaung, Sittwe, Buthidaung, Maungtaw: Tanintharyi Coast and Rakhine Coast., etc)

Q: Is there any time limit when insuring the transport goods on a voyage policy?
Ans : No time limit for a voyage policy.
Example – the policy will be in place for the duration of the specified voyage (let’s say from Yangon to Myeik) irrespective of the time it takes. The coverage will start from the time they leave the Yangon port (departure port), until the goods arrive at the Myeik Port (arrival port).

Q: Under which conditions does the policy provide coverage for transport of goods by road or sea?
Ans :
• On a sea voyage, the policy will provide the coverage for the total loss of goods transporting by vessels, cargo barges, and oil barges in case of vessel capsizing or such events.
• Similar as above, goods transporting by road will be covered for the total loss during transit.

Q: Does the cargo insurance cover for natural disasters?
Ans : Cargo insurance usually covers goods for things like lightning, hurricanes, flash floods, and volcanic eruption.

Q: What are the various perils covered under Marine Cargo Insurance?
Ans :
• On a sea voyage, Collision or contact of vessel craft or conveyance with any external object other than water, Fire or explosion and any other perils covered under the Institute Cargo Clauses (C).
• During inland transit, Overturning or derailment of land conveyance, Fire or Explosion and any other perils covered under the Institute Cargo Clauses (C).

Q: What are the requirements when Obtaining Marine Cargo Insurance (both for sea voyage and inland transit)?
Ans :
• Commercial Invoice for the valuation of goods to be insured
• Packing List
• Driver License Copy, Wheel Tax, Commercial Operator Vehicle License (for inland transit)
• Certification of master and crew, lists of crew, respective licenses for the carrying vessels (for sea voyage)
• Complete proposal form

Q: What kinds of cargoes can be insured and what are the ratings?
Ans :
Types of Cargo Premium rating
General Cargo 0.14%
Paraffin 0.28%
Fragile Goods 0.80%

Q: What is the monsoon condition?
Ans : Monsoon condition is from 1st May to 15th October. It is especially for the coastal shipping. This condition does not apply to inland transit and inland waterways shipping as the coastal shipping during monsoon is riskier.
Types of Cargo Premium rating (basic) Premium rating (monsoon)
General Cargo 0.28% 0.56%
Paraffin 0.42% 0.84%

Q: What is the port overdue fee?
Ans : There may be a number of conditions where the carrying vessel/vehicle cannot depart at the proposed shipping date and time. Port Overdue fee must be paid to cover the delay period. Port Overdue fee is 10% of the basic premium.

Q: What do I do when the goods carrying vessel/vehicle stop running and couldn’t proceed to the destination?
Ans : In such cases, insured goods must be transferred to another in order to proceed to the destination. Such transshipments must be immediately informed to the insurance company providing the necessary documents of the transshipment carrier so that the policy can be endorsed. (Loss or Damage to the insured goods during transshipment is not covered by the policy).
Without endorsements, the coverage for the goods may be denied in the event of a claim.

Q: How many kinds of policy in Marine Hull Insurance?
Ans :
• Steel Hull
• Wooden Hull

Q: What are the premium ratings for Marine Hull Insurance?
Ans :
For Steel Hull, Premium ratings are based on the age of vessels.

For Wooden Hull, Premium ratings are based on the usage of vessels.

Q: Can the Hull Insurance be purchased for short periods? What are the ratings?
Ans :

Q: Can the Fibre/Glass Hull be insured under Hull Insurance?
Ans : Yes, Fiber/Glass can be insured under Hull Insurance by Wooden Hull ratings.

Q: Is the Hull Insurance All Risk Cover?
Ans : The policy provides All Risk Cover for Steel Hull and Total Loss Only for Wooden Hull. (Only inland vessels can be insured but not overseas vessels)

Q: What is a Total Loss?
Ans : There are two types of Total Loss; actual total loss and constructive total loss.
The Actual total loss means the insured vessel that is completely damaged or lost and irretrievable as a result of insured perils, under this circumstances the insured is entitled to recover the full amount of the loss from the insurer.
There is a constructive total loss when;
In the case of damage to a ship, where it is damaged to the extent that the cost of repairing the damage would exceed the value of the ship when repaired.
The expenditure on the repairs/replacement of ships is above 90%. If the insured meets the requirements for a constructive total loss, then he may claim for a total loss of vessel.

Q: Can a vessel under a charter be insured under Hull Insurance Policy?
Ans : Yes, a vessel under a charter can be insured if the charter party provided.