Marine Cargo Insurance

Marine Cargo Insurance: Cargo meaning the insurance or goods being conveyed. This refers to goods or merchandise that one being carried from one place to another or ore being imported or exported. Such goods or merchandise may be lost damaged or destroyed by perils of the seas whilst in course of transit and therefore, the owner of such goods can always insure against the possible losses.
For the purpose of Marine Insurance goods/cargo carried by the following three ways:

GOODS CARRIED BY SHIP ONLY

Risk covered by ship or steamer or powered vessel against following three categories :-

Institute Cargo Clause ‘A’ ( ICC ‘A’)
The insurance covered all risks of loss of on damaged to the subject matter insured except as willful misconduct, ordinary leakage, ordinary loss in weight wear and tear, loss or damage caused by unsuitability of packing, inherent vice, delay, arising from insolvency or financial default of the owners of the vessel.

Institute Cargo Clause ‘B’ ( ICC ‘B’)
This insurance covered loss or damage caused by fire or explosion, stranded, grounded, sunk or capsized, overturning or derailment of land conveyance, collision or contact of vessel craft, discharge of cargo at a post of distress, earthquake, volcanic iruption of lightning. This policy also covered general average sacrifice, jettison or washing overbroad, entry of sealake or river water, total loss of any package lost overbroad or dropped whilst loading on to or unloading from vessel.

This policy does not cover willful misconduct ordinary leakage ordinary loss is weight wears and tear loss damage or expense caused arising from insolvency of the owner of the vessel or unsuitability of packing, inherent vice, delay, un seaworthiness and un fitness.

Additional risks covered on payment of additional premium
TP, ND, Hooks, Holing, bursting, Tearing, leakage loss, RFWD, Extraneous, Substance, Heating, Breakage and Scratching, Splitting.

Institute Cargo Clause ‘C’( ICC ‘C’)
This insurance covered loss or damage caused by fire or explosion, stranded, grounded, sunk or capsized, overturning or derailment of land conveyance, collision or contact or vessel craft, discharge of cargo at a post of distress, earthquake, volcanic irruption on lighting. This policy also covered general average sacrifice, jettison.

This policy does not cover willful misconduct ordinary leakage ordinary loss is weight wears and tear loss damage or expense caused by in sufficiency or unsuitability of packing, inherent vice, delay, arising from insolvency or financial default or the owners of the vessel.

Additional risks covered on payment of additional premium:
Theft and Pilferage (TP) Non-Delivery (ND).

GOODS CARRIED BY RAIL/LORRY/TRUCK

Goods or cargo covered by above transports may be covered as under

Goods or cargoes conveyed by above transport may be covered as under :

Remarks:

Premium being determined on a rating subject to age and class of construction of Hull.
Risks covered under following categories :-

According to the law the insured is required to pay the Stamp duty of this policy.