Prod Info (hull)

Marine Hull Insurance

This class of insurance compensates for losses of or the accidental damages on a vessel's hull, machinery, and equipment of the inland water vessels, ocean- going vessels and the fishing vessels sailing along the inland, ocean or coast.

Who can insure -  Owner or renter
Sum Insured - Value of the vessel
Term (Duration) - One Shipment (Voyage) or 1 year (Time)

Premium Rate

No. Type of Vessel Premium Rate (% on Sum Insured)
  Shipment Type
  Inland Oversea
1.   Iron-Hull  
  Ages of Vessel  
1 to 5 years 2% 2%
6 to 10 years 2.25% 2.25%
11 to 15 years 2.50% 2.50%
16 to 20 years 2.75% 2.75%
Over 20 years 3.00% 3.00%
2.   Wooden Hull  
Inland River (General Cargo) Can’t underwrite Policy. 1.40%
Coastal (General Cargo) 1.80%
Coastal (Fishing ) 2.00%
  For Vessels ageing over 20 years, 10% of premium will be charged as an additional premium
    Extra Covers
3.   Damages by War, Strike, Malicious Acts , Nuclear Additional 0.50% of premium for each

Stamp Fees – MMK 10/- for each and every Sum Insured MMK 100,000/-

Benefits attainable under the Marine Hull Insurance

This insurance covers loss of or damage to the vessels caused by

  -  Perils of the seas, rivers lakes or other navigable waters
  -  Fire, explosion
  -  Violent theft by persons from outside the Vessel
  -  Jettison
  -  Piracy
  -  Breakdown of or accident to nuclear installations or reactors
  -  Contact with aircraft or similar objects, or objects falling therefrom, land conveyance, dock or harbor 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 -Barratry of Master, Officers or Crew, provided such loss or damage has not resulted from want of due diligence by the Assured, Owners or Managers.
    

If you want to buy the insurance,

Please contact FNI Head Office and branches or Insurance Agents dealing with FNI.