Top 9 Marine Insurance Companies in Sri Lanka in 2023

Marine insurance plays a major role in international trading. Insurance need for both cargo and vessel during transportation. There are two main types of marine insurance. They are cargo insurance and hull and machinery insurance. Here I have listed the main insurance companies with contact details in Sri Lanka.

1. Sri Lanka Insurance

Sri Lanka Insurance company: sourced by srilankainsurance.com

There are 2 types of marine insurance policies under Sri Lanka Insurance company. They are as below,

Marine Hull and Machinery Insurance

Negligence of ship masters, officers, and other crew members and pilot
Natural disasters like earthquakes, volcanic eruptions, or lightning
The accident happened when loading, discharging/shifting cargo or fuel
Boilers bursting, shafts damaging, or any latent damages in the hull of the ship or ship machinery or equipment
War, Strikes, Riots & Civil Commotion risks & Terrorism (this is included upon additional payment of the premium)

Types of hull machinery insured by Sri Lanka Insurance

Operational cover – Total loss & partial loss
Voyage cover – Total loss & partial loss
Ship builder’s risks
Ship repairer’s liability
Protection and indemnity liability
Pleasure craft cover

Benefits of Sri Lanka Insurance users-marine hull and machinery?

Multiple options available in insurance coverage-partial loss, total loss, the constructive total cost
Total lost insurance coverage provides to fishing boats
Insurance coverage provided to Both reefer and general cargo containers

What are the eligibilities for policyholders for getting coverage?

Should have an insurable interest
The policyholder must fulfill the requirements of signing insurance agreements, according to the law of Sri Lanka.
The vessel should be in good condition for the voyage

Marine cargo insurance

It is related to importers’ and importer’s cargo survival during the transit of the cargo or property. This depends on the Commodity, Packaging, Type of vessel, and susceptibility to a damaged Voyage.

Benefits of Sri Lanka Insurance users-marine cargo insurance

Total loss cover

Inland transit cover

What are the eligibilities for cargo insurance policyholders for getting coverage?

Consignment should include legally accept cargo for maritime transportation
Should have an insurable interest
The policyholder must fulfill the requirements of signing insurance agreements, according to the law of Sri Lanka

Hotline details

+94 11 235 7357
+94 11 735 7357
+94 11 535 7357
+94 11 435 7357email address: [email protected]

Head office

Rakshana Mandiraya
No.21,
Vauxhall Street,
Colombo 02,
Sri Lanka

Quick inquiries can be made to Sri Lanka Insurance by filling in inquiry details and submission to their website

quick inquiry link here

2. Fair first Insurance

fair first insurance: sourced by fairfisrt. lk

There are main categories of the Insurance policy as below,

Cargo imports and exports-Cargo protection loss or damage to cargo Internationally recognized cargo insurance 3 types of coverage. Provide coverage for international and domestic transportation journeys
Produce in transit-provide coverage for tea, rubber, and coconut. Coverage is included from plucking/picking to delivery. The policy covers associated all the risks including terms and conditions.
Goods in transit-This is used to recover traffic accidents, natural hazards, and other risks. This policy covers most suitable for cargo distributors and agents. Coverage provides on a risk basis or accidental damage basis.
Stock throughput-This is single policy coverage that is cover a global basis. From raw materials to final products can be insured associated with all the risks.
Hull– policy covers physical damages of ship or vessel. Coverage provides on all risks basis. Included jet skis, tankers, yachts, tugboats, etc.
Inland transit-This type of insurance policy is valid within the Sri Lankan territory only. Accidental damages and all risk basis coverage. This is not applicable for a series of transits.

Head office

Fair first Insurance Limited, Access Towers II (14th Floor),278/4, Union Place, Colombo 02, Sri Lanka

Email: [email protected]

Hotline: 0112 428 428

3. MBSL insurance

MBSL Insurance: Sourced by mbslinsurance.lk

Marine Insurance from MBSL Insurance covers loss or damage to Imports or exports of goods through sea, air, land, or goods in transit.

Benefits of MBSL marine insurance covers-Give protection for financial losses or damage or cargo in the ship or vessel.

Documents required for MBSL marine insurance policy

Proposal form
Business registration
Performa invoice

Head office

MBSL Insurance Company Limited, 519, T.B. Jayah Mawatha, Colombo 10.

call center: (24/7) – (+94) 11 7 566 666

Hotline: (+94) 11 2 304 500

email: [email protected]

Inquiry requesting link here

4. Continental Insurance

Continental Insurance: sourced by https://www.cilanka.com/

Available marine insurance policy types as below,

Import
Export
Inland transit
Maine hull
Pleasure craft
Protection and indemnity (marine liability)
Marine open policies or open covers

Stock throughput Insurance which covers cargo transit, and operations including from start to end.

Address

Continental Lanka Limited,79, Dr.C.W.W.Kannangara Mawatha, Colombo 07, Srilanka

hotline: +94 115 200 200

email: [email protected]

website:https://www.cilanka.com/business-insurance/marine-insurance/

5. Allianz Lanka

Allianz Sri Lanka: sourced by https://www.allianz.lk/

Marine Cargo Insurance
Marine Hull & Machinery Insurance
Freight Forwarders Liability insurance

Why do you need to choose Allianz?

standard insurance coverage provided in the marine industry since 1890.
Providing superior customer services when occurring emergency situation and supporting to claim process
There is a global network. Which is providing services in more than 200 countries for the transport and logistics sector

Contact details

Hotline: 0112 303 300

website: https://www.allianz.lk/products/general-insurance-products/other-insurance.html#tabpar_3964_0Tab