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Marine Cargo Insurance

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Who should take such policy:

INDICATIVE COVERAGE:

Such policy covers loss or damage to goods whilst being transported by rail/inland waterways/road/ sea/ post parcels air. This is a freely assignable policy and is an agreed value policy. On the basis of transportation, it can be categorized into 3 types under various mode of transit.

Inland Transit Clauses (ITC) are attached when transportation involves inland transit only by rail or road.

The coverages granted are generally as under:

ITC (A)
ITC (B)
ITC (C)
All risk subject to the specified exclusions
ITC (C) plus Derailment or accidents of like nature to the carrying railway wagon or vehicle Breakage of bridges Collision with or by the carrying vehicle Overturning of the carrying vehicle
Fire & Lightning

COMMON EXCLUSIONS (NOT EXHAUSTIVE):

Institute Cargo Clauses (ICC) are attached for international cargo movements involving ocean or air or multi modal movements For general cargoes, the standard clauses are ICC (A), ICC (B) and ICC (C) with perils covered as under:

ICC (A)
ICC (B)
ICC (C)

All Risk subject to the specified exclusions.

All ICC (C) perils plus Earthquake, lightning or volcanic eruption.

Washing overboard.

Entry of sea, river or lake water into vessel, craft, conveyance, container, or place of storage.

Total loss of any package lost overboard or dropped whilst loading on to or unloading from vessel or craft.
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 port of distress.

General Average sacrifice.

Jettison.

Both to Blame Collision Clause.

PREMIUM RATING FACTORS.

NATURE OF CARGO, PACKING, TRANSIT ROUTE, AGE, CLASS, FLAG AND TONNAGE OF VESSEL, PORT CONDITIONS.