KAMPALA — Liberty General Uganda and Multilines International Limited have on Friday August 26 launched the Marine and Cargo Insurance to support traders.
The new arrangement follows a directive by both Uganda Revenue Authority and Insurance Regulatory Authority (IRA) —requiring all cargo imported into Uganda by to be insured by locally owned insurance companies.
The law was intended to protect Ugandan importers and exporters whose goods were covered by offshore insurers facing long and complicated processes, especially when filling insurance claims.
Under the new arrangement, shippers will pay marine insurance through locally licensed insurance companies.
Mr. Peter Makhanu, Managing Director at Liberty General Uganda told reporters at the launch that the partnership will assist business cover losses associated with importation
“We strongly believe that Marine and Cargo Insurance will help cover the costs associated with property damage and liability claims to importers. Without insurance, importers and business owners may have to pay out-of-pocket for costly damages and legal claims while trying to recover the loss,” he said.
On his part, Mr. Gerald Mukyenga, the Managing Director Multilines International Limited said the partnership marks a significant development where two players from different sectors forge a strategic alliance to attain synergy for mutual business advantage.
“We have witnessed to many importers paying Insurance for air, land and sea using foreign insurers but ignoring the domestic insurance companies. This is therefore a step in the right direction for the insurance and logistics industry”.