What is Motor Third Party Insurance?
Motor Third Party Insurance is an insurance policy taken out by the owner of the Vehicle/Motor Cycle/Tricycle to protect them against claims for death or bodily injuries sustained by a pedestrian or passenger as a result of a Motor Accident.
What Compensation do I get from Motor Third Party Insurance?
• Up to 1 Million per person per accident.
• Up to 10 Million per any one period of insurance.
How can I pay for Motor Third Party Insurance?
• Airtel Money by dialing *185*7*6*1#
• MTN Mobile Money by dialing *165*4*5*5#.
• Diamond Trust Bank
• Centenary Bank
What next after I pay for Motor Third Party Insurance?
Present your sticker reference number to any licensed Insurance company or Agent to print your Motor Third Party Sticker.
In case of an Accident
• Seek medical assistance for the injured.
• Report to the nearest Police station.
• Notify the Insurer as soon as possible.
•Submit all the required documents and get your claim processed within 3-5 working days.
a) Official communication - lodging in a claim.
b) Medical report and medical bills
c) Police abstract report form 3 (original)
d) Passport photocopy of claimant (2)
e) Identity card (photocopy)
f) Completed claim form.
g) In case of death - death certificate/ post-mortem report
• Letter from the family appointing the administrator and a letter from LC1 confirming the same.
• Where there is dispute as to the rightful claimant, the insurer will require letters of administration of the deceased estate.
Marine Cargo Insurance
1. What is Marine Cargo Insurance?
This is a policy that protects an importer from any financial losses in case anything happens to their goods while in transit right from the country of origin up to the final destination.
2. Who needs Marine Cargo Insurance?
Anyone that is importing something into the country.
3. What does a local Marine Cargo Insurance have over a foreign one?
A local insurer is known to the insured which makes the attainment of compensation in case of loss or damage more certain and straight forward. In addition, the insured has the cushion of the Insurance Regulatory Authority where they can escalate any grievances regarding the policy and claim.
4. How can I get Local Marine Cargo Insurance?
While you can still get Local Marine Cargo Insurance through your preferred insurer or intermediary (insurance broker or agent), you can now also get it conveniently and quickly via the Marine Cargo Insurance portal via www.co.ug.
5. At what stage does the proposed Insurance cover start?
When the goods are picked from the shelf in a warehouse of the supplier to be immediately loaded onto a truck.
6. In what names is the Insurance policy issued if it is a shared Cargo?
The consolidator can take up the insurance once there is an agreement with the traders or the individual traders take out insurance for their own cargo.
7. What happens to Transit cargo that is not destined for but go through Uganda to say South Sudan?
According to the laws of the destination country, you should take cover from the country of destination as most countries have compulsory marine cessations. We can also insure the same cargo, if the policyholder has major interest in Uganda subject to the laws of the country the goods are destined to go.
8. While importing, there are different Inco-terms that include; FOB, C&F and CIF and these must be followed but have different cost implication thus Insurance will vary. For example, for CIF, the liability is on the supplier until goods reach Mombasa. How does the requirement for Localised Marine Cargo insurance work?
The importers will have to change the incoterms used going forward from CIF Mombasa to C&F since Marine Cargo Insurance as per the law is to be taken up from Uganda.
9. Who pays the stamp Duty if the policy is issued on the Master Policy for the group as opposed to the inhouse bill of lading that considers individual importers?
Since stamp duty is per policy, it means the stamp duty on the master policy will be a shared cost among the importers. The distribution method has to be agreed upon by the importers.
10. Where a cargo consolidator is involved, who pays the Insurance since the cargo belongs to the importer?
The Importer being the owner with insurable interest.
11. Can a consolidator deal with a single Insurance company without going through the portal as long as the insurance policy is from a licensed local insurance company?
Yes, they can as some already have existing relationships. The directive only affects those importers who have been obtaining insurance outside Uganda.
12. While clearing Taxes, URA has over 7 Valuation methods. For example, in “Transaction Value of Similar goods” (Method 3). The Value declared on the WT8 might not be the conclusive value used by Customs as the customs value. What value will insurance consider?
Insurance provides cover based on the actual value of the cargo as per the commercial invoice/bill of lading.
13. At what stage in the Insurance Cycle does the Responsibility of the Consolidator end since the consolidator ends at Handover of the goods to the gazette Inland Container Depots (ICD).
The responsibility of obtaining insurance lies with the importer. Services of the consolidator on securing insurance will depend on their agreement with the importer.
14. How does a local Marine Cargo Insurance benefit the importer?
- It serves the interests of the importer better than the foreign one.
- It puts the importer in a better position to seek for compensation in case anything happens to their goods in transit.
15. What is the procedure of claiming?
i. Notification of a claim to the insurance company upon discovery of possible damage or loss. (through the portal or directly to an insurer).
ii. Insurance company acknowledges claim intimation and issues document request. Documents required will include but not limited to;
- Completed claim form.
- Commercial invoice.
- Delivery note.
- Packing List
- Short-landing Certificate.
- Letter lodging claim on carrier.
- Bill of Lading/Air way bill.
- Photos of the damages.
- Where necessary, inspection of damage/loss will be arranged.
- Submission of documentation by importer to insurer for verification.
- Discharge voucher (DV) to importer for signing.
- Payment within 5 working days upon submission of signed DV.