Home Commercial Insurance Marine Cargo Premium Rates

Marine Cargo Insurance - Premium Rates

Types of Cargo / Commodity

Group 1: All general cargoes (non-fragile/dry goods/canned foods/textile, leather goods, pharmaceuticals,clothing, fashion accessories)
Group 2: Computers and accessories, electrical/electronic goods, machinery and equipment, carpets, non-hazardous chemicals
Group 3: Fragile articles, breakables
Group 4: Personal or Household effects
Group 5: Excluded commodities eg. perishables, explosives, livestocks, bulk cargo, jewellery, cigarettes, liquor, wine, timber logs, sawn timber and the like.

Applicable for sum insured up to limit of $1,000,000 (for larger sum assured, referred to underwriters).

Rating - Applicable to Clause 'A' Coverage

Conveyance
Airfreight Seafreight/Parcel Post/Courier
Inland Transit
To/From voyages X Y X Y
Commodity Grp
 % % % % %
1 0.055 0.065 0.105 0.115 0.032
2 0.065 0.09 0.115 0.145 0.048
3 0.14 0.18 0.25 0.28 0.07
4 0.25 0.28 0.70 1.05 0.14
5 N.A. N.A. N.A. N.A. N.A. (refer to underwriters)

Voyage X refers to or from preferred ports eg. Asia countries, Australia, New Zealand, USA, Europe.
Voyage Y refers to or from less preferred ports eg. China, Cambodia, Vietnam, India, Pakistan, Sri Lanka, South America, South Africa, Greece, Hungary, Spain, Portugal, Mexico.

Minimum premium per policy : S$ 35.00
Personal effects : S$ 100.00

Options of Cover Type

'B' Clause can be opted at 80% of the 'A' rates above
'C' Clause can be opted at a flat premium rate of 0.06% across

Additional Premium Rates
Overage vessels (21 to 25 years old) : 0.05%
(26 to 30 years old) : 0.10%
Transhipment : 0.05%
Connecting flight : 0.02%

Cover: exclude war risk, overage vessel and transhipment

Note:
  1. Rates are indicative and apply only to containerised shipments
  2. Excluded commodities as well as voyages, limits and packing are separately underwritten by NTUC Income
  3. NTUC Income reserves the rights to review the above rates, subject to claims experience
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