Bangladesh Marine Insurance Tariff And Others such as Commissions and Premium. In this post I will provide full tariff about Bangladesh Marine Insurance, According to " Central Rating Committee Dhaka, Bangladesh" Like To see just scroll down.
1. Scope:
The Tariff applies THROUGHOUT BANGLADESH.
2. Policy Wordings and Clauses:
- All Marine policies shall be issued on the Standard Policy forms.
- Policies shall be subject to relevant Standard Clauses, issued by the institute of London Underwriters or standard Clauses provided and/or specified in the Tariff.
3. Minimum Premium:
It is not permissible for any Insurer to issue any specific policy in Marine Department, charging a premium less than Tk. 50/— and any specific declaration certificate or separate letter of cover in place of certificate under a Marine Open Policy carrying a premium less than Tk. 30/-
However, this provision regarding Minimum Premium of Tk. 30/- shall not apply where the full premium under the Open Policy has been paid in advance.
Where Cargo is carried in a Vessel not complying with the institute Classification Clause, the additional premium applicable for overage, under tonnage and non-classification as per schedule under this section of the Tariff shall be charged, subject to changes in the schedule from time to time.
If the cover under the policy is extended by covering additional perils during the period of the policy necessitating issue of another document, a minimum premium of Tk. 30/- per document shall apply to each subsequent document issued to provide wider coverage.
4. Wider Cover:
No risk, in addition to those provided for in the Tariff, may be included without appropriate additional premium.
5. Net Rates:
All Rates provided in the Tariff are Net, unless expressly provided otherwise in this Tariff and no discount whatsoever is permissible except in lieu of agency commission, where applicable.
6. Stamp Duty/Vat and other taxes:
- Marine policy shall carry stamp duty as per the stamp Act 1899 (and subsequent amendments thereto). The stamp duty shall be recoverable from the Assured.
- Vat and other taxes shall be charged to the insured as per law.
7. War and/or Strikes Riots & Civil Commotion’s Risks:
- War and/or SR. & C.C. Risks shall be covered in conjunction with Marine/Transit Risks only.
- The Rate of premium for covering War and/or S.R.C.C. Risks shall be as per scale.
- Where the risks of War/SRCC are not included, cover shall be subject to the Institute War Exclusion Clause & Strike Exclusion Clause for the time being in force.
- Notice of War Risk Cancellation Clause:
All Open Policies and Open Covers must contain the institute War Cancellation Clause ‘or the time being in force.
- Notice of Strikes etc. Risk Cancellation Clause:
Open Policies or Open Covers shall not be written without a 30 days’ (or less) Cancellation Clause as for Marine Risks except for shipments to or from the USA to which 48 hours’ Cancellation Clause shall be applied.
- Sailing Warranty:
The appropriate one of the following Sailing Warranties shall be inserted in any specific policy or certificate covering or including war :-
1. Declaration against an Open Cover or Open Policy :
“Warranted to sail within 7 days from the date of the acceptance of the risk or held covered at the Rate current on the date of sailing subject to 15 days‘ notice of cancellation for risks that have not attached under the Institute War Clauses.“
2. Otherwise:
- Cargo under Bill of Lading :
“Warranted to sail within 7 days from the date of the acceptance of the risk or held covered at the Rate current on the date of sailing subject to 7 days‘ notice of cancellation for risks that have not attached under the Institute War Clauses.”
- Postal Sending (by Sea or Air):
“Warranted the interest covered by this policy will be posted within 7 days of the original acceptance or held covered at the Rate current on the day of posting subject to 7 days‘ notice of cancellation in respect of risks which have not attached in respect of the foregoing."
8. General:
The World “Policy/ies” wherever used, either in the General Rules and Regulations or in the various Tariffs, shall mean Specific Policy, Open policies, Open Cover, Certificate of Insurance.
9. Open Policies and Open Covers:
1. Cancellation Clause:
All Open Policies and Open Covers shall contain a Cancellation Clause requiring written notice from either side of a period not exceeding 30 days. War and/or SR. 8. C.C. shall be subject to Cancellation Clause as provided in the relevant Tariff.
2. The following Warranty must be inserted in all Open Policies & Open Covers :-
“This contract is subject to such Tariff Rates and regulations in force at the time the risk on each dispatch attaches hereunder".
10. Existing Rates, terms and conditions etc. under Open Policies/Open Covers which are not in conformity with the revised Rates, terms and conditions under the applicable section of Tariff Shall be withdrawn from the next renewal date of such open Policies/Open Covers. In all other causes Cover issued for a period of more than 12 months, the existing Rates shall be withdrawn and rates applicable as per this tariff shall be applied effective midnight from …
11. Tariff Rates and Premium etc., Calculations:
- Where any risk falls in whole or in part within the scope of any tariff, then the appropriate tariff Rate applicable to the part of the risk coming within a tariff, shall be shown on the policy, subject always to Regulation 3 “Minimum Premium”
- Where a Rate for "All Risks" as per ICC ‘A’ in respect of any commodity is provided in the same or any other section of this Tariff, any variations in the covers provided in the Tariff shall be referred to the Marine Rating Committee and pending decision of the Marine Rating Committee, a Rate not less than the Tariff Rate applicable for All Risks Cover shall be provisionally charged.
- No risk additional to those provided for and Rated in a tariff may be included without additional premium.
12. Refund of General Average Deposits:
Deleted
13. Rating of Vessels other than Liners:
Vessels which are over 15 years of age but not over 25 years of age and have established and maintained a regular pattern of trading on an advertised schedule to load and unload at specified ports will be declared as Liners by the Marine Rating Committee.
Other Vessels over the age of 15 years shall be charged overage extra as per the Scale of Additional Premium provided in the Tariff.
Additional premium for non-classification and under-tonnage shall also be charged as indicated in -re Scale of Additional Premium.
You Can Also Try Under This:
You Can Also Try Under This:
- Bangladesh Marine Insurance Review and History.