Marine Hull Insurance

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 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.

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

• People or Organizations chartering the vessel

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.

Marine Hull Premium Rate for Short Period

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)

• 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)

1. What are the types of Marine Hull Insurance?

Ans: There are 2 types of Hull

(1) Steel Hull

(2)Wooden Hull

2. What are the premium ratings of Marine Hull Insurance?

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

Ans: Marine Hull Insurance can be purchased for short periods.

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

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

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

Ans: 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)

6. How do we define total loss in hull insurance?

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 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.

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

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