Fire/Property Insurance

Cost of recovery from lost or damaged assets and liability ensuing from untoward incidents while operating shipping transportation services can prove to be extremely disruptive and damaging to business stability. Insurance provides operators and businesses due sense of security and corporate confidence against a long list of risks inherent to the industry.


MAAGAP takes care of such need for security and confidence by offering flexible various package options designed to conserve/preserve corporate assets and provide indemnify from third party claims.



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Coverages

Marine Insurance

This is the most comprehensive insurance package that includes all risks, the vessel, the cargo and the terminal depots where cargo is stored or disembarked.

Marine Hull Insurance

This package provides insurance to the vessels hull, engines and accessories against loss or damage. Contract for this type of coverage is dependent on various factors such as type of vessel and risk assessment.

Marine Cargo Insurance

This package pertains to coverage on cargo aboard the vessel.

Marine Liability Insurance

Protection and Indemnity

This is a package that provides insurance covering ¾ cost of liabilities owed to any third party who has been damaged as a result of a collision, running down, or moving of wreckage includes but is not delimited to container terminals, ports, oil platforms, pipelines; Hull; Marine Casualty; and Marine Liability.

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The birth of MAA General Assurance Phil., Inc. (MAAGAP) took place when its parent company, MAA International Group Ltd. (MAAIG) from Malaysia ventured to strategically expand its business in Asia. MAAIG is an offshore composite insurance company licensed under the Offshore Insurance Act 1990 in Labuan International Offshore Financial Centre (IOFC) to underwrite life and general insurance and reinsurance business. Gearing for the planned expansion, MAA procured the insurance license of the then Paramount Insurance Corporation and renamed it MAA General Assurance Phil., Inc.

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Published on October 05, 2023
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