Few vessels running in Chindwin River cover maritime insurance

Slide120-72-1024x584 Only a few vessels operating in Chindwin River have purchased marine insurance. Photo: Win Oo (Zayyardine)

02 Jan 2021 - Source: Global New Light of Myanmar - A few ferries and cargo vessels running in Chindwin River in Sagaing Region are buying the maritime insurance from Myanma Insurance, said U Tin Tun, the deputy officer in charge of Myanma Insurance (Sagaing Region) office.

The private entrepreneurs have also bought insurance from privately-owned insurance companies. People running small businesses transport only a few cargos even though they have many different kinds of shipments in bulk. So, only a few people are buying maritime insurance.
"Some are buying insurance from private insurance companies. Another reason is that the vessels running in the Chindwin River are not carrying the cargos in bulk. There are also a few damages of cargos. So, people are not interested in buying maritime insurance. Some motor vessels are engaged with outside insurance companies. So, it is hard for our Myanma Insurance to persuade the ferries and cargo vessels owners to buy the maritime insurance for their vessels and cargos. People are not interested in maritime insurance. So, we are persuading them to buy the maritime insurance, promoting the awareness of the benefits of buying the insurance," said the deputy officer in charge of Myanma Insurance (Sagaing Region) office.
There are many boat associations, cargo vessel associations and passenger vessel associations running in Chindwin River. Among them, only six-passenger vessel associations and one boat association are engaged with our Myanma Insurance (Sagaing Region) office to buy the maritime insurance policy.— Win Oo (Zayyardine)(Translated by Hay Mar)

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