Liberty General Uganda and Multilines International Limited have partnered and officially
launched the marine and cargo Insurance.
The development comes on the heals of a directive by government through Uganda Revenue Authority that all importers trading in cargo across borders must pay for local marine insurance.
The law that imposed mandatory local marine insurance for all cargo into Uganda by sea, air, rail or road came into effect starting July, 1, 2022.
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.
Here, shippers shall pay marine insurance through locally licensed insurance companies.
Speaking during the launch in Kampala on Friday, Peter Makhanu, the Managing Director at Liberty General Uganda, stated they are optimistic the partnership that will assist businesses cover losses associated with importation:
“At Liberty General Uganda, we are proud of our effort to ensure that every customer's needs are taken care of. 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”.
Speaking on behalf of Multilines International Limited, the Group Managing Director / CEO of Multilines International Limited Gerald Mukyenga stated that they looked forward to joining forces with Liberty General Insurance Uganda Limited to make Uganda's insurance industry and economy a success.
“The launch of this partnership between Multilines International Limited and Liberty General Insurance on marline and cargo policy today marks a significant development where two players from different sectors forge a strategic alliance to attain synergy for mutual business advantage. We have been witness to many importers paying insurance solutions 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."
