Liberty General Uganda and Multilines International unveil marine and cargo insurance for traders

KAMPALA — Liberty General Uganda and Multilines International Limited launched marine and cargo insurance on Friday (August 26th) to support traders.

The new arrangement follows a directive from the Uganda Revenue Authority and the Insurance Regulatory Authority (IRA) – requiring all goods imported into Uganda to be insured by local insurance companies.

The law was intended to protect Ugandan importers and exporters whose goods were covered by offshore insurers who faced lengthy and complicated processes, especially when filing insurance claims.

Under the new arrangement, shippers will pay for marine insurance through locally licensed insurance companies

Mr. Peter Makhanu, Managing Director of Liberty General Uganda, told reporters at the launch that the partnership will help companies cover import-related losses.

“We strongly believe that marine and cargo insurance will help cover the costs associated with property damage and liability claims from importers. Without insurance, importers and business owners may have to pay expensive damages and legal claims out of pocket while trying to recoup the loss,” he said.

For his part, Mr. Gerald Mukyenga, Managing Director of Multilines International Limited, said the partnership marks a significant development where two players from different sectors are forging a strategic alliance to achieve synergy for mutual business benefit.

“We have seen many importers pay for air, land and sea insurance using foreign insurers but ignoring domestic insurance companies. So this is a step in the right direction for the industry. insurance and logistics.