Bangladesh sits at the crossroads of South Asian trade. With Chittagong Port handling over 90% of the nation's international commerce, marine insurance is not a formality — it is the financial backbone of every shipment, import, and export.
Marine Insurance - Bangladesh
Marine insurance provides financial protection against loss or damage to ships, cargo, freight, and related liabilities during transit over water, air, or land. It is mandatory for all import-export cargo transactions financed through local banks .
What We Cover
Covers goods in transit by sea, air, or road against loss, theft, fire, water damage, or natural disasters. Most commonly used by importers and exporters.
Protects the physical structure of vessels, including engines and onboard equipment, against damage, collision, grounding, and sinking.
Extends protection to goods transported by road or rail within Bangladesh, covering the last-mile journey from port to final destination.
Compensates ship operators for loss of freight revenue when cargo is lost or damaged and the freight is consequently not earned.
Step-By-Step Guide
Reach out to an IDRA-licensed general insurance company such as Phoenix Insurance PLC.
Provide invoice value, cargo description, port of loading and discharge, vessel name, bill of lading, and voyage date.
Select Institute Cargo Clause A (all risks), B (named perils + damage), or C (major casualties only) based on cargo value and risk appetite.
Upon premium payment, a marine insurance certificate or open cover policy is issued — required for customs clearance and bank LC settlement.
In case of loss, notify the insurer immediately, submit a survey report from an approved marine surveyor, and provide shipping documents to process the claim.
Speak to our marine insurance specialists today. Get a quote tailored to your cargo, route, and coverage needs.