Cargo Insurance (Asuransi Pengangkutan)
Cargo Insurance is an insurance product that provides protection against financial losses experienced by the Insured due to the risk of loss or damage to goods that occur in transit from the place of origin of the goods to the destination, either by land, sea and or air.
Advantages of Cargo Insurance (Asuransi Pengangkutan)
- Sum Insured up to IDR2,000,000,000
- Available in annual coverage format (Marine Open Policy)
- Applicable for worldwide shipping
Benefit of Cargo Insurance (Asuransi Pengangkutan)
Provides coverage against
- Specific Losses (Particular Average), aground, sunk, stranded.
- General Losses (General Average)
- Actual Total Loss
- Constructive Total Loss
- Costs related to losses covered by the Policy.
- Special costs (Particular Charges), except when Total Loss occurs.
- Continuing travel expenses due to a covered risk.
- Third Party Liability
- General Average Contribution
- Ship collision with other ships and objects, except ice.
- Overturned conveyance during land transports.
- Unloading of goods at emergency port
- Ship fires
- Explosions, unless caused by terrorist activities, mines and the like.
- General Average Sacrifices
- Disposal of goods overboard (Jettison).
- Salvage costs, loss prevention costs and/or minimizing losses related to the guaranteed risk.
- Heavy weather
- Losses during loading and unloading of goods
- Earthquake/sea, volcanic eruption or lightning.
- Washing overboard
- Damage due to sea water entering the ship and/or other similar means of transportation due to bad weather (sea water damage) and damage due to lake water, rain, rivers (fresh water damage) due to bad weather.
- Theft with violence, petty theft (pilferage) and ordinary theft
- Hijacking or Piracy
- Confiscation/seizure (other than war risks).
- Damage due to sea water other than due to bad weather.
- Losses/losses fall into the sea during loading and unloading of goods.
- Shortage of goods received due to guaranteed risks.
- Cargoes not accepted and or not handed over (non-delivery).
Things You Need to Know
Coverages in Cargo Insurance
There are three choices of coverage, which are Institute Cargo Clauses (ICC) A, B, and C. All of them covers partial and total losses. The difference among the clauses is the perils insured/risks. The risks (perils insured) in ICC A are the most comprehensive, ICC B is narrower than A, while ICC C is the narrowest.
| Institute Cargo Clause “A” | Institute Cargo Clause “B” | Institute Cargo Clause “C” |
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The coverage provided by the Institute Cargo Clause "A" is a guarantee with the widest scope that can cover all transportation risks, such as:
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The coverage provided is the same as the Institute Cargo Clause "C" as well as losses caused by:
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Coverage for losses caused by:
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Type of cargo that can be insured:
- Textile.
- Machines, spare parts (new/used).
- Frozen food.
- Consumer goods
- Swallow bird’s nest.
- Plastic (all kinds of plastic)
- Car, motorcycle, heavy equipment (other than self-driven ones).
- Personal items (especially for moving), not including antiques, jewelry, precious stones or valuables.
Premium Rates
Tarif Premi
| Product | Rate | |
| Marine Air Freight | 0.049% | |
| Marine Cargo | Institute Cargo Clauses (A) | 0.053% |
| Institute Cargo Clauses (B) | 0.050% | |
| Institute Cargo Clauses (C) | 0.044% | |
| Land Transport | 0.040% | |
Insurance rates will be determined based on the type of cargo, type of ship, and the amount (turnover) of the cargo shipments during the year, especially for annual policies (Marine Open Policy).
Premium Illustration
Simulation of Premium Calculation
In case premium is above the minimum requirement:
A company insures a generator engine, with an insured value of IDR4,500,000,000, - from Jakarta to Surabaya by using a box truck.
Premium Calculation:
IDR4,500,000,000,- x 0.040% = IDR1,800,000
The premium paid : IDR1,800,000
In case premium is below the minimum requirement:
A company insures electronic goods in the form of 4 refrigerators and 5 TVs, with a total coverage of IDR100,000,000, - with destinations from Jakarta – Bogor use land transports.
The Premium Calculation:
IDR100,000,000,- x 0.040% = IDR40,000
The premium paid is IDR300,000, because the minimum premium is IDR300,000 (if you have a Marine Open Policy, the minimum premium is IDR 100,000)
Illustration of Claim
PT ABC buys Cargo Insurance products (Freight Insurance) with the ICC “C” type to send goods to a place by ship. While on the way, the ship carrying PT ABC's goods sank due to bad weather. PT ABC's goods were declared to have been totally damaged with a claim value of IDR100,000,000. PT ABC makes a claim to PT Asuransi Allianz Utama Indonesia and the claim will be paid with a value of IDR100,000,000.
How to Register & Claim Procedure
How to Register
You can visit the nearest Maybank branch office for registration.
Additional documents that must be included for the registration process are as follows:
- A copy of ID Card
- Shipment data, including bill of lading/airway bill/delivery order and/or flight route/number (for one-off shipments)
Claim Procedure
- Contact Allianz Care at 1500136, or by email at cs@allianz.co.id
- Make sure you make a claim notification within a maximum period of 14 (fourteen) calendar days after the date the risk occurred.
Disclaimer
- Cargo Insurance (Asuransi Pengangkutan) is an insurance product issued by PT Asuransi Allianz Utama Indonesia. PT Bank Maybank Indonesia Tbk (“Bank”) only acts as a reference provider for Cargo Insurance (Asuransi Pengangkutan).
- Cargo Insurance (Asuransi Pengangkutan) is not a product of the Bank and therefore the Bank will not be liable for any and all claims as well as any risks that arise from the products issued by PT Asuransi Allianz Utama Indonesia.
- PT Asuransi Allianz Utama Indonesia is licensed and supervised by the Financial Services Authority (Otoritas Jasa Keuangan) and its Sales Staff are licensed by the General Insurance Association of Indonesia (Asosiasi Asuransi Umum Indonesia).
- PT Bank Maybank Indonesia, Tbk is licensed and supervised by OJK & Bank Indonesia.
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