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Insured Value

The insured value can be determined by an agreed upon amount between the insurer and the insured.

Premium Rating

Premium is calculated based on insured value and the rating varies according to the type of vessels, use of vessel and the vessel navigation areas.

Steel Hull – Premium Rating (All Risk)
Inland _ Type of Vessels
General Cargo 2.0%
Dangerous Cargo 2.6%
Coastal _ Type of Vessels 
General Cargo2.4%
Dangerous Cargo3.0%
Steel Hull – Premium Rating (All Risk)
Inland _ Type of Vessels
General Cargo 2.0%
Dangerous Cargo 2.6%
Coastal _ Type of Vessels 
General Cargo2.4%
Dangerous Cargo3.0%
Steel Hull – Premium Rating (Total loss)
Inland _ Type of Vessels 
General Cargo1.0%
Dangerous Cargo1.2%
Coastal _ Type of Vessels 
General Cargo1.4%
Dangerous Cargo1.6%
Marine Hull Premium Rate for Short Period

No Short Period Rating
1) For Voyage under 15 days 1 month of one-year premium
2) For one month 2 months of one-year premium
3) For two months 3 months of one-year premium
4) For three months 4 months of one-year premium
5) For four months 5 months of one-year premium
6) For five months 6 months of one-year premium
7) For six months 7 months of one-year premium
8) Over six months One-year premium
Note: If more than (20) years over of vessel age should be charged 10% additional on your premium
Policy Term

  • Voyage Policy (One trip – Under 15 days)
  • Time Policy (From One Month to One Year)