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Kampala, Uganda | THE INDEPENDENT | Liberty General Uganda and Multilines International Limited have launched the Marine and Cargo Insurance in a bid to serve more clients in line with their needs, the two companies have said in a joint statement.
This follows the announcement by the Government of Uganda, through the Uganda Revenue Authority in partnership with the Insurance Regulatory Authority (IRA) who on July 1, 2022, imposed a law mandating all cargo imported into Uganda by sea, air, rail or road must 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. Here, shippers shall pay marine insurance through locally licensed insurance companies.
Peter Makhanu, the managing director at Liberty General Uganda, stated their optimism at 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,” Makhanu said.
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, the Group Managing Director/CEO of Multilines International Limited, Gerald Mukyenga said that they looked forward to joining forces with Liberty General Insurance Uganda Limited to make Uganda’s insurance industry and economy a success.
He 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 been witnesses 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,” Mukyenga said.
