Marine Cargo

Scope of Cover

Marine Cargo policy covers the cargo in transit against the various risks.

Perils covered for Exports & Imports shipments are as follows:

Institute Cargo Clauses – A covers additional risk in addition to what is covered under ICC – B.

• Theft, Pilferage, Non Delivery
• Fresh water damage
• Leakage/ Breakage
• Sweat / Taint
• Country damage
• Any other Risk Insurer accepts to include.

Institute Cargo Clauses – B covers additional risk in addition to what is covered under ICC -C

• Washing Overboard
• Lightening, Earthquake, Volcanic Eruption
• Entry of Sea Water
• Total loss of Package while Loading/Unloading
• Washing overboard

Institute Cargo Clauses – C

• Fire or explosion
• Vessel or craft being stranded grounded sunk or capsized
• Overturning or derailment of land conveyance
• Collision or contact of vessel craft or conveyance with any external object other than water
• Discharge of cargo at a port of distress,
• General Average Sacrifice.
• Jettison.

Perils covered for domestic shipments are as follows:

Inland Transit Clause (A) or ITC (A) covers the additional risk in addition to what is covered under ITC – B.

• Non delivery of the entire consignment
• Theft & Pilferage
• Fresh &/or rain water damage
• Damage by Hooks, Nails, Oil, Chemicals, Acids & other extraneous substances
• Any other Risk Insurer accepts to include.

Inland Transit Clause (B) or ITC (B) covers the additional risk in addition to what is covered under ITC – C

• Overturning or derailment of land conveyance
• Breakage of Bridge
• Collision with or by the vehicle.
• Overturning of the carrying vehicle.
• Derailments or accidents of like to the carrying railway wagon/vehicle.

Inland Transit Clause(C) or ITC(C): Loss or damage due to

• Fire
• Lightning

Marine Hull

Marine Hull Insurance covers physical loss or damage to the hull and machinery which constitute the ship itself. Ships of different type and trade need different consideration when it comes to the scope and terms of H&M insurance.