We Cover

  • Any loss or damage to goods in transit by Sea, Air and Rail/Lorry/Truck.

Who can Insure

  • Owners or bankers of goods in transit/shipment.

What is Insured ?

  • Export and import shipments
  • Goods in transit by Sea, air and Rail/Lorry/Truck
  • Goods carried by coastal vessels plying between the various ports within the country
  • Cargo transported by small vessels or country craft over inland waters
  • Goods moved from place to place by river or land transport

Insured against what Risks

The policy covers loss/damage to the property insured due to

  • Fire or explosion; stranding, sinking etc.
  • Overturning, derailment ( of land conveyance)
  • Collision
  • Discharge of cargo at port of distress)
  • Jettison
  • General average sacrifice, salvage charges
  • Earthquake, lightning
  • Washing overboard
  • Sea, lake or river water

Rate of Premium

  • To be charged as per current rate of Marine Tariff under each and every declaration.
  • Value added tax (VAT @ 15%) and Stamp Duty as per law of Bangladesh to be charged with premium by the insured.

Basis of Valuation

The basis of valuation shall be the prime cost of goods/cargo plus the expenses of and incidental to shipping the freight for which the assured is liable and 10% may be added there to or as may be agreed upon to shipment i.e.(C&F + 10%).

Risk Covered

Institute Cargo Clauses (C)

  • Fire or explosion;
  • Vessel or craft being stranded, grounded, sunk or capsized.
  • Overturning, derailment (of land conveyance)
  • Discharge of cargo at port of distress
  • Jettison
  • General average sacrifice

Institute Cargo Clauses (B)

  • Provides cover under ICC(C)
  • Additional risks
  • Earthquake, volcanic eruption or lightning
  • Washing overboard
  • Entry of sea, lake or river water into vessel.
  • Total loss of package lost overboard or dropped in loading or unloading

Institute Cargo Clauses (A)

  • Provided cover for all risks of loss or damage except the following exclusions.
  • All risks means losses which are caused by accidental circumstancest
  • Under ICC (C) and (B) the risks covered are specified.


  • Loss caused by willful misconduct of the insured.
  • Ordinary leakage, ordinary loss in weight or volume or normal wears and tears.
  • Loss caused by inherent vice or nature of the subject matter.
  • Loss caused by delay.
  • Loss arising from insolvency or financial default of owners of the vessel.
  • Loss or damage due to inadequate packing
  • War, riot, strike, lock-out, civil commotions and terrorism.


  • Particulars of cover liability and exclusion given above are not complete or exhaustive.
  • Our nearest Branch Office may be approached for complete details

Marine Hull Insurance

Hull means the insurance of ship. The ship is always at the risk of the perils of the seas and therefore, the ship-owner can insure it against probable losses as such. The subject matter of hull insurance is usually:

  • Hull
  • Plant & Machinery
  • Refrigeration Machinery etc.

Direct risk covered under Marine Hull Insurance

Fire, theft, jettison, collision, contact, heavy weather, stranding/ foundering, sinking, General average, Sue and labor charges. The Marine Hull policy may include liability hazards such as collision or running down.

Additional Risk Covered on payment of additional premium

War & Strike Riot Civil Commotion (SRCC)


  • Premium being determined on a rating subject to age and class of construction of Hull
  • According to the law of Bangladesh the insured is required to pay the value added tax(VAT @ 15%) and Stamp duty of this policy.

Risks covered under following categories

  • TC Hull (All risk )
  • TLO With sue, Labour & Salvage (Total Loss only)


  • Our nearest Branch Office may be approached for complete details.