CASH IN SAFE

Cash in safe insurance is for government and private owned businesses to cover the loss of saved money by Burglary, theft and armed robbery.

  • From 1 day to 1 year
  • Depend on the amount of money
  • For government and private banks, the highest premium rate is 0.50% and the minimum rate is 0.20% of the sum insured.
  • For private business - standard rate 1%.
  • The insured person has to contact the respective insurance company immediately when loss occurs.
  • The insured person has to report to the police.
  • Appropriate documents, daily records and reports will be required.

CASH IN TRANSIT

Cash in transit insurance is for government and private owned businesses to cover the loss by transition money between insured’s premises and the banks by Burglary, theft and armed robbery.

  • From 1 day to 1 year
  • The amount of cash being transit
  • According to the travel distance, the minimum rate will be 0.27% and a maximum of 0.90% per thousand.
  • Need to inform EFI immediately as soon as the event happens.
  • The insured person has to contact the respective insurance company immediately when loss occurs.
  • The insured person has to report to the police.
  • Appropriate documents and reports will be required.

COMPREHENSIVE MOTOR INSURANCE

Comprehensive motor insurance provides protection from accidents and unforeseen incidents while driving a car or motor vehicles.
It covers for losses, own damages of vehicles and other third-party liability.

  • Private cars (family cars, passenger cars)
  • Commercial vehicles (trucks, taxi, passenger buses, etc.)
  • Motorbikes
  • Mobile plants, tractors, and ambulances.
  • Car / motor vehicle’s owner (or) supervisor for car / motor vehicle can apply comprehensive insurance. They must have their own driving license and car/ motor license (have to be registered in Road Transportation Authority)
  • Started from 3 months, 6months, 9 months to 1 year. (For own vehicles, under 2 tons)
  • Over 2 tons of private or company vehicles have to insure 1 year.
  • After insured period, it can be renewable.
  • Invoice value, Market value, agreed value (if there is not available for invoice and market value) of vehicles.
  • Premium rates can range between 1% to 2% of total sum insured. It has to be paid by lump sum payment yearly.
  • If customer insure 10 and above vehicles, it will be fleet discount 10% on basic premium.
  • If there is no claim during policy year, there will be 25% discount of renewable premium for next year. This kind of bonus premium can be applied to subsequent years if there is no claim within insured periods.
Policy Period Private Company
2nd year 25 % of basic premium 15 % of basic premium
3rd year 30 % of basic premium 20 % of basic premium
Subsequent years 40 % of basic premium 25 % of basic premium
  1. Car/ motor vehicles accidence such as crash, damage and explodes etc.
  2. Damage by falling objects
  3. Damage explosion from unforeseen events and environment
  4. Capsizing
  5. Thunder strikes
  6. Riots, and malicious act
In above conditions, insured person can get coverage for his/her motor vehicles.
  1. War Risk (0.05 % of basic premium)
  2. Act of God such as storms and natural disasters (0.05% of basic premium)
  3. Theft (15% of basic premium)
  4. Wind screen (5% of basic premium)
  • Death- loss of life (Maximum 1000,000 kyats for a person)
  • Injury- According to certified doctor’s assessment, depending on scales of injury, payment will be available up to maximum 1000,000 kyats for a person.
  • Loss and damage of third party’s property- reasonable costs will be paid for the repair or value of the property.
  • For one event, third party liability payment will paid up to maximum 50,000,000 kyats.
  • The insured has to contact the company or agents immediately.
  • Before staff or agents arrive at the incident scene, the insured has to take photos of his/her car.
  • The photos must be taken before the damaged cars are moved to the next place.
  • Let the company’s staff inspect the scene and cooperate with agents or staff.
  • Repairing of damaged cars will be handled by relative workshops which are in contact with EFI or repairing cost will be paid by EFI.

FIRE INSURANCE

Fire insurance provides coverage for the loss of insured properties due to fire, lightning and other disasters.

  • Buildings
  • Machines
  • Furniture
  • Factory products and tools
  • Minimum 10 days to 1 Year.
  • Depends on the value of insured person’s property with documents or contracts.
  • Premium charge will be minimum 0.14% of insured value and maximum 3.5% of insured value.
  • Depending on the class of building, occupation of building, the adjacent building of the insured building, premium charge will be different.
  • Premium charge required to paid fully at once and after payment, the policy for insured property will be started on that day.
  1. Damage to the building or house caused by fire from accidence and other adjacent buildings or residence.
  2. Damage occurs due to lightning.
  3. Damage to the property after removal of property from burning building.
  4. Damage to the property after destruction by the firefighters due to prevent the spread of fire.

Customers can buy additional coverages for unpredictable conditions.

Each of the following will be charged on the percentage of premium and customers have varieties of choices to select and buy.

Strike, riot, and civil unrest 0.06%
Airplane crash 0.1%
Car crash 0.1%
Landslides and subsidence 0.1%
Earthquake 0.1%
Flood 0.1%
Military strike 0.1%
Storms and natural disasters 0.2% to 0.25%
Spontaneous combustion 0.08%
Burglary 0.25% to 1%
Regarding to burglary, depending on the types of buildings calculated with fire insurance premium, it will be discounted 10% for the result premium.
  • There will be the discount for the premium rates as bonus if the insured person do not have a claim for the first year and continue to buy for second year, the person will get 25% discount of the premium.
  • Damaged or loss of properties due to fire or other reasons mentioned above, customers have to inform immediately to company and recorded with photos. When the service team has arrived, customers can ask for claim with recorded photos.

MARINE CARGO

Marine cargo insurance covers the loss of loads and properties of ships. Basically, it provides the financial support for the loss.

  • One trip (starting point to ending point)
  • Trip by trip
Sum insured = CIF + 10%
C = cargo value
I =Insurance premium
F =Transportation fees/ labor fees
  • It will cover for the total loss only.
  • It covers for the destruction of natural disasters, accidents, explosion and being stranded ground or capsized of ship.
  • When loss occurs, the company will also provide the charges of labor fees and additional charges for moving to safety.

The premium payment will be lump-sum.

The premium rates will vary on types of cargo, seasons and areas.

For general cargo, the premium will be calculated as below (% of sum insured)

Area Season % rates
Streams and inland transit Summer/Rainy/Winter 0.14%
Coastal Summer 0.28%
Coastal Rainy 0.56%

For petroleum, diesel and gas transportation, the premium will be calculated as below (% of sum insured)

Area Season % rates
Coastal Summer 0.28%
Coastal Rainy 0.84%
  1. Insured’s name and address
  2. Cargo (or) sum insured value
  3. Cargo list
  4. Type of transportation
  5. Type of vessel /vehicles
Copies of vehicle or water craft license, certificate of registration and business license of goods will be required.
The insured has to inform the company a few days before leaving the harbor or port.
  • When loss occurs, the insured has to contact the company through agents or directly by the phone immediately.
  • The company staffs will inspect the scene and help the insured to reach claim process.

MARINE HULL INSURANCE

This type of insurance covers the loss or damage of ships, machines, cargo and any furniture that have been transferred from the origin point to the final destination.

  • Wooden body
  • Iron body
Time policy
  • With the limitation of time duration
  • Can buy up to 1 year (maximum)
  • Policy start from the date of purchasing premium
Voyage Policy
  • Policy start when the ship dispatch from the origin point
  • And ends when the ship arrived to the final destination
All Risk
Iron Body
Type of travel Type of Carriage Rate
River General commercial 2.00%
Fuel or any flammable objects 2.60%
Coastal General commercial 2.40%
Fuel or any flammable objects 3.00%
Wooden body

There is no coverage for all risk policy.

Total loss only
Iron body
Type of travel Type of Carriage Rate
River General commercial 1.00%
Fuel or any flammable objects 1.20%
Coastal General commercial 1.40%
Fuel or any flammable objects 1.65%
Wooden body
Type of travel Type of Carriage Rate
River General commercial 1.40%
Fuel or any flammable objects Can’t accept
Coastal General commercial 1.40%
Fishing Boats 2.00%
  • The insured has to inform the insurance company immediately or within days.

FIDELITY INSURANCE

Fidelity insurance provides coverage for loss of cash due to dishonesty or disloyalty of employees within companies.

  • 1 Year. After 1 year, policy can be renewed.
  • Stakeholder, Shareholder, CEO, and senior management levels.
  • Depending on the amount of money that the person who has the full responsibility to control finance.
The premium rates have to paid annually as follows;
  • For Government enterprises 1%
  • For Private enterprises 2%
  • Customer has to report to insurance company immediately. The company will give coverage for loss of cash after receiving the required documents but not exceeded to sum insured.

INLAND TRANSIT INSURANCE

Inland transit insurance provide cover for the insured’s belonging from the perils such as natural disasters, fire and explosion.


  • Cargo Cost + additional 10% (maximum) of the cargo rate.
  • The insurance officially starts, when the goods leave from the warehouse or storage and end by arriving at the final destination .This type of insurance valid only for a single trip.
  • Total loss only.
No Transit Premium Rate
1 Border to Border 0.14-0.84 (additional 20% maximum)
2 Road Vehicle 0.14-0.84
  • Damages that are not in compliance with the rules.
  • Damages due to carrying more than the specified weight.
  • Damages before departing and after arriving at the destination.
  • Damages due to unauthorized boat license, no license, and expiration.
  • For some reason, the product was delayed because of the delay Natural causes of loss of material and nature.

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