INSURANCE PROPOSAL Page 1 of 4

No. IP/IBU/21/2375

Type of Insurance : MARINE CARGO OPEN COVER

Form / Wording : MAR.91

The Insured : PT. MASBUCHI JASA ABADI and/or all subsidiary companies which hold
and/or may hold vested interest in the property insured, for their respective
rights and interest.

Address of The Insured : Gedung Sudirman 7.8 Lt. 16 Unit 1&2

Jl. Jend Sudirman Kav , RT/RW. 010/011 Jakarta

Interest Insured : Natural Resins, Gondorukem, Gum Terpentine, Gum Rosin and/or Oleo Pine
Resin and/or its derivative related to the Insured’s business.

Period of Insurance : This Open Cover and the protection hereunder is effective in respect of all
insurances attaching to the Original Policy(s) on or after TBA until TBA
Indonesia Standard Time, both days inclusive unless cancelled as provided for
herein

Limit Liability : USD. 500,000.00 any one shipment any one conveyance

Conveyance : 1. Steel Vessel (KM)

By Classed steel vessel is allowed up to 35 years and min 500 GT
By Unclassed steel vessel is allowed up to 30 years and min 500 GT, sailed
within Indonesian water only
2. Truck / Container and any other Conveyance for transhipment.
3. Excluding Tug/Barge, Lct, Wooden Vessel
4. Warranted no overload cargo as per UU No. 17 Tahun 2008 and UU No. 22
Tahun 2009.
5. Sailing permit from port authority
6. No overdraft vessel absolutely
7. Vessel must be seaworthy during entire shipment
8. Inland conveyance must be in a roadworthy condition as regulated in
Indonesian Traffic Law

Voyage : From the time the Assured assumes responsibility of the interest, irrespective of
title anywhere in Indonesia including transshipment, Loading and Unloading
until final destination.
 Insurance Proposal No. IP/IBU/21/2375 Page 2 of 4
MASBUCHI

Land Transit / Inter Island Shipment

From: Anywhere in Indonesia
To : Anywhere in Indonesia

Export Shipment
From: Anywhere in Indonesia mainly from Belawan, Semarang
To : Anywhere in the world mainly to CHINA (Huangpu), INDIA (Nhava Sheva,
Chennai), VIETNAM (Haiphong)

List of Sanction Country : Balkans, Belarus, Burma/Myanmar, Ivory Coast, Cuba,

Democratic Republic Congo, Iran, Iraq, Liberia, North Korea, Syria, Zimbabwe,
Afghanistan, Burundi, Central African Republic, Egypt, Hong Kong, Lebanon,
Libya, Mali, Nicaragua, Republic of Guinea Bissau, Republic of Guinea, Russia
Federation, Somalia, South Sudan, Sudan, Tunisia, Ukraine (Inc Crimea),
Venezuela, Yemen (The Above list is keep changing from time to time. It is the
duty of all parties to fully aware and being responsible for the changing of the
current updated list of the Sanction Country List.

Import Shipment
From: Anywhere in the World
To : Anywhere in Indonesia
Exclude Shipment From/To Sanction Country

Basis of Settlement : As declared value, Insurance and Freight plus 10% plus duty and/or taxes where
applicable or as required complying with Letters of Credit or Sales Contracts.

Conditions : - Institute Cargo Clause (A) 1/1/82

- Institute Strikes Clauses (Cargo) Cl. 256 dated 1/1/1982
- Institute War Clause (Cargo) Cl. 255 dated 1/1/1982
- Institute Malicious Damage Clause Cl. 266 dated 1/8/1982
- Institute Classification Clause extended to include BKI classification as per
conveyance above
- Institute Radioactive Contamination, Chemical, Biological, Bio-chemical and
Electromagnetic Weapons Exclusion Clause 10.11.03 CL 370
- Institute theft, pilferage and non delivery Cl. 272 dated 1/12/1982
- Including loading and unloading
- Including Transhipment (if Any)
- Cancellation Clause (30 working days)
- Cargo ISM Endorsement
- Cargo ISM Forwarding Charges Clause
- Termination of Transit Clause (Terrorism) JC 2009/056
- Brand and Label Clause
- Electronic Date Recognition Endorsement ‘C’
- Errors and Omission Clause (for declaration only) limited to description and
remarking of interest only
- General Average Clause
- Hijacking, Armed Robbery
- Looting and Pillage
Insurance Proposal No. IP/IBU/21/2375 Page 3 of 4
MASBUCHI

- Loss of Damage Goods Clause

- Loss Notification Clasue (30 days) :
Notwithstanding anything contained herein to the contrary it is agreed that this
insurance will not be prejudice by any inadvertent delays, errors or omission in
notifying the Insurer of any circumstances or events giving rise or likely to give
rise to a claim under this Policy, providing full notification is subsequently given
to insurer with the minimum of delay after the insured becomes aware of the
oversight with maximum 30 days after incident or loss. In the event of failure to
comply with the above condition, the Insurer have right to refuse / reject the
claim

- Nominated Adjuster Clause:

a. PT. Prima Adjusterindo
b. PT. Atlas Adjusting
c. PT. Radita Hutama Internusa and any other adjuster approved by
Insurer and Insured
- Seepage and Polution Exclusion Caluse 01.10.89
- Terrorism Exclusion Clause 16/11/01 XL 2001/002
- Total Asbestos Exclusion Clause
- Waiver of Subrogation (against insured only)
- Warehouse to Port Clause
- Rusting, Oxidation, Discoloration Exclusion Clause, unless caused by Insured
Perils
- Premium payment warranty – 30 days monthly declaration
- Information technology hazards clause
- Exclude contamination oxidation discloration shortage of volume/weight unless
caused by insured perils
- Nuclear Energy Risk Exclusion Clause – Marine (01.01.89) with Japanese
Amendment (01.04.89)
- Joint Excess Loss Cyber Losses Clause (JX2020-007)
- Currency Clause
- Dispute Clause
- Sanction Limitation Exclusion Clause LMA 3100
- JELC Communicable Disease
- Exclusion JX2020-009A 06/11/2020
- War Cancellation
- Strike Cancellation
- Excluding loss of cargo due to fraud by driver of the cargo owner and/or carrier
company
- Excluding Rusting, Oxidation,Discoloration, unless caused by Insured perils
- Excluding Mechanical, Electric and Electronic Derangement, unless caused by
Insured perils
- Excluding Scratching, Denting,Bending, Breaking, Cracking,Chipping, Corrosion,
unless caused byInsured perils
 Insurance Proposal No. IP/IBU/21/2375 Page 4 of 4
MASBUCHI

List of Cargo Exclusion : a. Livestock and Bloodstock

b. Rejection, Prohibition and Embargo Risks
c. Confiscation Risks
d. Satellites, launch vehicles and/or major parts thereof
e. Japanese Kamigoto oil storage project
f. Energy Risks (onshore/offshore)
g. Temperature Control Pharmaceutical

Deductible : 0.5% of Sum Insured any one conveyance any one occurrence

Rate : 0.10%

U/W Info : NIL loss record for the last 3 years

Estimated Annual T/O USD. 35,000,000

Insurer : First Class Insurance Company – 100%

Agreed & Accepted : Jakarta, December 15, 2021

PT. MASBUCHI JASA ABADI Sign for and on behalf of
PT. INDOSURANCE BROKER UTAMA

(Authorized Signature)
(Authorized Signature)