MARINE HULL INSURANCE

Protect marine hull and machineries against financial losses resulting from unforeseen incidents

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The insurance provides the businesses with coverage for Hull and Machinery of Vessels Operating both inland and overseas. Apart from the vessels of Five Star Shipping Company, we offer the marine insurance for the steel hull vessels and the wooden hull vessels. (We do not accept the insurance for the wooden hull vessels operating overseas.)

Benefits

Institute Time Clauses – Hull 1.10.83

Institute Voyage Clauses – Hulls 1.10.83

This insurance covers the loss of or damage to the insured vessel caused by the perils as stated in the above clauses. However, it is still subject to the exclusion in the clauses or elsewhere in the insurance policy.

Additional Coverage

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Additional Cover

If you want to attach some kind of protection should be charged 0.50% additional on your premium for war, Strike, Malicious acts and Nuclear exclusion.

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People or Organizations who own the vessel and those who get bank loans

People or Organizations chartering the vessel

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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 Cargo	2.4%
Dangerous Cargo	3.0%

Steel Hull – Premium Rating (All Risk)

Inland _ Type of Vessels
General Cargo	2.0%
Dangerous Cargo	2.6%

Coastal _ Type of Vessels
General Cargo	2.4%
Dangerous Cargo	3.0%

Steel Hull – Premium Rating (Total loss)

Inland _ Type of Vessels
General Cargo	1.0%
Dangerous Cargo	1.2%

Coastal _ Type of Vessels
General Cargo	1.4%
Dangerous Cargo	1.6%

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)

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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 01% of Insured Value)

• 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 01% of Insured Value)

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What are the types of Marine Hull Insurance?

There are 2 types of Hull

Steel Hull
Wooden Hull

What are the premium ratings of Marine Hull Insurance?

Steel Hull – Premium Rating (All Risk)
No	Type of Vessel	Type of Cargo	Premium Rating
1	Inland	General Cargo	2.0%
1	Inland	Dangerous Cargo	2.4%
2	Coastal	General Cargo	2.4%
2	Coastal	Dangerous Cargo	3.0%

Steel Hull – Premium Rating (Total Loss)
No	Type of Vessel	Type of Cargo	Premium Rating
1	Inland	General Cargo	1.0%
1	Inland	Dangerous Cargo	1.2%
2	Coastal	General Cargo	1.4%
2	Coastal	Dangerous Cargo	1.6%

Wooden Hull – Premium Rating (Total Loss)
No	Type of Vessel	Type of Cargo	Premium Rating
1	Coastal	General Cargo	2.0%
1	Coastal	Fishing	2.0%

Can Marine Hull Insurance be purchased for short periods? What are the ratings?

Marine Hull Insurance can be purchased for short periods.

Period of Cover	Premium Rate	Policy Type
Under 15 days	1/12 of one year premium	Voyage
1 month	2/12 of one year premium	Time
2 month	3/12 of one year premium	Time
3 month	4/12 of one year premium	Time
4 month	5/12 of one year premium	Time
5 month	6/12 of one year premium	Time
6 month	7/12 of one year premium	Time
Above 6 month	One year premium	Time

Can the Fiberglass type of hull be insured in Marine Hull Insurance?

Yes, Fiberglass type of hull can be insured in Marine Hull Insurance with Wooden Hull ratings.

Does hull insurance give all risk cover for steel and wooden hull?

The policy provides all risk cover & total loss cover for steel hull and total loss only for wooden hull. (Only inland vessels can be insured)

How do we define total loss in hull insurance?

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 perils, under this circumstances that the insured is entitled to recover the full amount of the loss from the insurer. Constructive total loss occurs in the case of damage to a ship that the cost of repairing for the damage is exceeded than the market value of the ship if repaired. If the expenditure of the repairs or replacement for the ship is above 90%, we will assume as a constructive total loss, and may claim for a total loss of vessel.

Can a vessel under a charter be insured for Hull Insurance Policy?

Yes, a vessel under a charter can be insured if the charter party is provided.

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Key benefits

Variety Plan

When choosing Marine Hull Insurance, it is helpful to remember all our plans as follows:

Loss of or damage to the insured vessel caused by the perils
Institute Time Clauses – Hull 1.10.83
Institute Voyage Clauses – Hulls 1.10.83
Voyage Policy (One trip – Under 15 days)
Time Policy (From One Month to One Year)

You can compare them to find the coverage to design a plan suited to your specific needs.

Hassle-free Claims

Timesaving and convenient claims speed up the process faster and smoother. At AYA SOMPO Insurance, we are always here to providing you and your loved ones with peace of mind while we resolve your claim. Please contact us any time of the day or night 24/7 at 09-777 100 999. You can also request help online by sending us photos of the damage from your mobile device.

Door to Door Service

Safety of our customers will always be our first priority. We are now committed to provide the most secured and convenient services to fulfill the needs of our customers. With our door to door service, you will experience a more streamlined experience

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Choose from the following types of AYA Health Standard Plans to suit your needs!

AYA Health Plus
AYA Health Pro
AYA Health Prestige
AYA Health Prime

We also provide corporate customers with versatile health insurance solutions as Cafeteria Plan, meticulously customized to align perfectly with your unique needs. Regarding the purchase of the Cafeteria Plan, only the rules, regulations, and decisions of AYA SOMPO Insurance Co.,Ltd are considered final.

Table of Benefits (in MMK)	AYA HEALTH
Table of Benefits (in MMK)	PLUS	PRO	PRESTIGE	PRIME
Maximum Benefit PRIME Plan only : Additional Limit of up to 44,000,000 MMK, applies to Thailand Zone	11,000,000	11,000,000	11,000,000	11,000,000
Medical and Hospital Benefits	Benefits up to	Benefits up to	Benefits up to	Benefits up to
Ambulance Services	165,000	165,000	165,000	165,000
Hospitalization Costs Accommodation in a standard single-bedded room and meals: Medical Treatment and services ordered by a Physician, including: Surgeon’s and Anesthetist’s charges Physician, Consultant and Nursing charges Diagnostic Procedures (including CT, MRI and PET scans) Surgical Appliances and Prostheses Medicines, Drugs and Dressings Intensive Care Day-Care	Full Refund	Full Refund	Full Refund	Full Refund
Post-Hospitalization Treatment	Nil	Nil	Nil	Nil
Chronic Conditions
First Onset	11,000,000	11,000,000	11,000,000	11,000,000
Ongoing Management	5,500,000	5,500,000	5,500,000	5,500,000
Maternity Cover (10 Months Waiting Period) Pre-Natal Examinations by a Physician All costs of Normal Childbirth or C-Section (elective or non-elective) Post-Natal Examinations by a Physician	Nil	Nil	Nil	1,100,000
Thailand Zone
Hospitalization Costs	Nil	Nil	Nil	44,000,000
Transportation Costs				2,200,000
Transportation Costs for Treatment not available in the Geographic Area				5,500,000
Additional Deductible for Treatment outside the Geographic Area				55,000
Outpatient Benefits	Benefits up to	Benefits up to	Benefits up to	Benefits up to
Physicians fees, Prescription Drugs and Dressings Specialist and Consultant Fees Diagnostic tests, medical scanning and imagery services	220,000	440,000	660,000	660,000
Optical Care One annual Vision test Glasses Glaucoma Test for Participants over 45 years	Nil	Nil	Nil	220,000
Dental Care Benefits	Benefits up to	Benefits up to	Benefits up to	Benefits up to
Dental Treatment Dental Surgery	Nil	Nil	Nil	220,000
Personal Accident Benefits	Benefits up to	Benefits up to	Benefits up to	Benefits up to
Accidental Death Loss of Sight or Loss of Limb Permanent Total Disablement	11,000,000	11,000,000	11,000,000	11,000,000

Renewal Period	First Year	Second Year Onward
Health Bonus %	10%	5%

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MARINE HULL INSURANCE

Benefits

Additional Cover

Insured Value

Premium Rating

Steel Hull – Premium Rating (All Risk)

Steel Hull – Premium Rating (All Risk)

Steel Hull – Premium Rating (Total loss)

Marine Hull Premium Rate for Short Period

Policy Term

What are the types of Marine Hull Insurance?

Can the Fiberglass type of hull be insured in Marine Hull Insurance?

Does hull insurance give all risk cover for steel and wooden hull?

How do we define total loss in hull insurance?

Can a vessel under a charter be insured for Hull Insurance Policy?

Digital Services

Easy for you to access your insurance policy via our digital platform

Key benefits

Variety Plan

Hassle-free Claims

Door to Door Service

Download center

You can download all the necessary information

Not sure what you need?

Not sure what you need?

Company

Services

Get in touch

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