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Marine Insurance

Insurance Policy is an evidence of insurance contract. This insurance contract is made between the Insured/Policy-holder and Insurance Company. Subject to the terms & conditions of the policy, the insurance company indemnifies the Insured/Policyholder so that property damaged by insured event can be restored to its former position. Insurance Company provides this insurance coverage in exchange of money which is called ‘premium’ for certain period; usually one (01) year.

Under this marine insurance, two types of Insurance Coverage are provided, Such as;

Marine Cargo
Insurance

Insurance Policy is an evidence of insurance contract. This insurance contract is made between the Insured/Policy-holder and Insurance Company. Subject to the terms & conditions of the policy, the insurance company indemnifies the Insured/Policyholder so that property damaged by insured event can be restored to its former position. Insurance Company provides this insurance coverage in exchange of money which is called ‘premium’ for certain period; usually one (01) year.

Insurance Policy is an evidence of insurance contract. This insurance contract is made between the Insured/Policy-holder and Insurance Company. Subject to the terms & conditions of the policy, the insurance company indemnifies the Insured/Policyholder so that property damaged by insured event can be restored to its former position. Insurance Company provides this insurance coverage in exchange of money which is called ‘premium’ for certain period; usually one (01) year.

For transit (Import/Export purpose) between two countries:


For transit within country by Inland Cargo Vessel/Lorry/Rail:

The policy provides coverage for loss/damage of cargo during transit by Sea.
Risk coverage varies with Institute Cargo Clauses (ICC) used.

Marine Hull:

Marine Hull insurance covers loss/damage of the vessel, including its machinery and equipment, as well as legal liability due to collision related to the vessel’s operations or the actions of masters or crew.

Marine Hull transit is applicable to all vessels operating in land waterways, Estuaries and coastal waters of Bangladesh. Marine Hull includes Hull and Machinery. The coverage available under are as follows;

Cost of Insurance means the amount of money that the clients pay to buy their desired insurance. This cost of insurance includes Premium, VAT and Stamp Duty in common.

Premium Rate: Marine Cargo Premium rate is taken from the Marine Tariff. Premium rate depends on Risk Coverage, Nature of Cargo & Packing and Mode of Transit as well.

Premium: Sum Insured (Insured Value) x

Premium Rate (Depends on mainly risk coverage) 

xxxxx

(+) VAT (Premium x 15%) 

xxxxx

(+) Stamp Duty (As per Stamp Act)  

xxxxx

Total Payable Amount   

xxxxx


Premium Rate: Marine Hull Premium rate is taken from the Marine Tariff. Hull Premium rate depends on nature of vessel and risk coverage (TLO & TC Hull).

Premium: Sum Insured (Insured Value) x

Premium Rate (Depends on mainly risk coverage) 

xxxxx

(+) VAT (Premium x 15%) 

xxxxx

(+) Stamp Duty (As per Stamp Act)  

xxxxx

Total Payable Amount   

xxxxx

Annual Report