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Marine Cargo Insurance

Protect cargoes and machineries against financial losses
resulting from unforeseen incidents

Home > Commercial Insurance > Marine Cargo Insurance

Marine Cargo Insurance

Protect cargoes and machineries against financial losses
resulting from unforeseen incidents

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 AYA SOMPO, 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

Additional Cover (Port Overdue Fees) = 10% of Basic Premium

It is ideal for:

Cargo Owners

Commercial Businessmen

Distributors

Buyers and Sellers engaged in local trade or Agents

Insured Value

Insured Value = C (cargo value) + 10%

Premium

Premium is calculated on insured value (C+10%) and the rating varies according to the type of cargo, voyage and the season of the trip.

Premium Rate

NoMarine Cargo (Inland)Premium Rate (TLO)
(1)General CargoInland Waterway0.14%
Coastal (Summer)0.28%
Coastal (Monsoon)0.56%
(2)Dangerous Cargo (Petrol, Diesel, Gas, etc...)Inland Waterway0.28%
Coastal (Summer)0.42%
Coastal (Monsoon)0.84%
*Additional Cover (Port Overdue Fee)10% of Basic Premium

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

• 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, the departure date should 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 have incurred

• 10 Kyats Stamp Duty for every 100,000 Kyats premium will be charged. (Stamp Duty fee is 0.1% of Insured Value)

1. What documents are needed to insure in Marine Cargo Insurance?

Ans: i. Completed Proposal

ii. Copy of Invoice List /Packing List / Bill of Lading

iii. Copy of Vessel Registration & Valid License

iv. Copy of CB / OB Registration & Valid License

v. Copy of Vessel Trade(Transportation) "A" License

vi. Copy of CB / OB Trade(Transportation) "A" License

vii. Copy of Load line Certificate (If Coastal)

2. What are the types of cargo in marine cargo insurance?

Ans: i. General Cargo

ii. Dangerous Cargo (Diesel, Petro, Gas ..etc)

3. How does marine cargo insurance give coverage for insured?

Ans: The coverage will give for total Loss Only (ICC-C )1.1.82.

4. How long does it take to produce policy?

Ans: Normally it takes about 45 minutes if the required documents are all set but in condition when survey process is needed, it may take from one day to one week depend on circumstances.

5. How much is the premium rate for marine cargo insurance ?

For General CargoInland Waterway0.14%
Coastal (Summer)0.28%
Coastal (Monsoon)0.56%
For Dangerous CargoInland Waterway0.28%
Coastal (Summer)0.42%
Coastal (Monsoon)0.84%

Premium is calculated based on the insured value and the rating may vary according to the type of cargo,voyage and the season of the trip.

6. How long is the policy period?

Ans: The marine cargo insrance policy covers for only Single Voyage (One Trip). Insurance covers the period between the start of the checkout and the departure point. (Exclude loss or damage incurred while cargo loading/unloading)

7. What is the coverage for Marine Cargo insurance ?

Ans: i. Fire, Natural disasters

ii. Accidents

iii. Collision or Contact of vessel ,craft or conveyance with external object, etc..

8. What is the non-coverage for Inland Transit Insurance ?

Ans: i. Loss or Damage incurred while carrying non-compliance cargo

ii. Loss or Damage incurred due to overload

iii. Ordinary wear and tear of the subject-matter insured

9. What actions and documents are needed to take by customer if accident happen?

Ans: i. Call AYA SOMPO Claim Hotline - 09 429 305 224

ii. Accident photo taken by phone

iii. Incident accident form

iv. Claim request form

v. Police recommendation form

vi. Township recommendation form

vii. Policy & Cash Received

10. How long does it take to receive claim?

Ans: Depending on the process, compensation is resolved as soon as possible.

11. How many times can be claimed for Marine Cargo Insurance ?

Ans: Only one time can be claimed because this is the single voyage type of insurance.

12. What should the insured do if there is any changes before departure date?

Ans: Customer need to inform AYA SOMPO Insurance and fill endorsement request letter.

13. What does the insured need to do for "Refund or Policy Cancel"?

Ans: Customer need to fill Cancellation Request Letter and bring to AYA SOMPO Insurance before the departure date.

14. Is there door to door service in AYA SOMPO Insurance ?

Ans: Yes, AYASOMPO has door to door service .

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 AYA SOMPO, 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

Additional Cover (Port Overdue Fees) = 10% of Basic Premium

It is ideal for:

Cargo Owners

Commercial Businessmen

Distributors

Buyers and Sellers engaged in local trade or Agents

Insured Value

Insured Value = C (cargo value) + 10%

Premium

Premium is calculated on insured value (C+10%) and the rating varies according to the type of cargo, voyage and the season of the trip.

Premium Rate

NoMarine Cargo (Inland)Premium Rate (TLO)
(1)General CargoInland Waterway0.14%
Coastal (Summer)0.28%
Coastal (Monsoon)0.56%
(2)Dangerous Cargo (Petrol, Diesel, Gas, etc…)Inland Waterway0.28%
Coastal (Summer)0.42%
Coastal (Monsoon)0.84%
*Additional Cover (Port Overdue Fee)10% of Basic Premium

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

• 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, the departure date should 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 have incurred

• 10 Kyats Stamp Duty for every 100,000 Kyats premium will be charged. (Stamp Duty fee is 0.1% of Insured Value)

1. What documents are needed to insure in Marine Cargo Insurance?

Ans: i. Completed Proposal

ii. Copy of Invoice List /Packing List / Bill of Lading

iii. Copy of Vessel Registration & Valid License

iv. Copy of CB / OB Registration & Valid License

v. Copy of Vessel Trade(Transportation) “A” License

vi. Copy of CB / OB Trade(Transportation) “A” License

vii. Copy of Load line Certificate (If Coastal)

2. What are the types of cargo in marine cargo insurance?

Ans: i. General Cargo

ii. Dangerous Cargo (Diesel, Petro, Gas ..etc)

3. How does marine cargo insurance give coverage for insured?

Ans: The coverage will give for total Loss Only (ICC-C )1.1.82.

4. How long does it take to produce policy?

Ans: Normally it takes about 45 minutes if the required documents are all set but in condition when survey process is needed, it may take from one day to one week depend on circumstances.

5. How much is the premium rate for marine cargo insurance ?

For General CargoInland Waterway0.14%
Coastal (Summer)0.28%
Coastal (Monsoon)0.56%
For Dangerous CargoInland Waterway0.28%
Coastal (Summer)0.42%
Coastal (Monsoon)0.84%

Premium is calculated based on the insured value and the rating may vary according to the type of cargo,voyage and the season of the trip.

6. How long is the policy period?

Ans: The marine cargo insrance policy covers for only Single Voyage (One Trip). Insurance covers the period between the start of the checkout and the departure point. (Exclude loss or damage incurred while cargo loading/unloading)

7. What is the coverage for Marine Cargo insurance ?

Ans: i. Fire, Natural disasters

ii. Accidents

iii. Collision or Contact of vessel ,craft or conveyance with external object, etc..

8. What is the non-coverage for Inland Transit Insurance ?

Ans: i. Loss or Damage incurred while carrying non-compliance cargo

ii. Loss or Damage incurred due to overload

iii. Ordinary wear and tear of the subject-matter insured

9. What actions and documents are needed to take by customer if accident happen?

Ans: i. Call AYA SOMPO Claim Hotline – 09 429 305 224

ii. Accident photo taken by phone

iii. Incident accident form

iv. Claim request form

v. Police recommendation form

vi. Township recommendation form

vii. Policy & Cash Received

10. How long does it take to receive claim?

Ans: Depending on the process, compensation is resolved as soon as possible.

11. How many times can be claimed for Marine Cargo Insurance ?

Ans: Only one time can be claimed because this is the single voyage type of insurance.

12. What should the insured do if there is any changes before departure date?

Ans: Customer need to inform AYA SOMPO Insurance and fill endorsement request letter.

13. What does the insured need to do for “Refund or Policy Cancel”?

Ans: Customer need to fill Cancellation Request Letter and bring to AYA SOMPO Insurance before the departure date.

14. Is there door to door service in AYA SOMPO Insurance ?

Ans: Yes, AYASOMPO has door to door service .

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