Marine Insurance

CHARACTERISTICS & OPTIONS

• Basic Coverage

  The Basic and Optional Coverage of the Insurance Policy include:

  • Loss or damage to goods while being transported, caused by any of the Insured Perils. There are three different levels of covers which are described below as Institute Cargo Clause A, B and C

  Institute Cargo Clauses C – 1.1.09 covers loss or damage due to:

  • Fire or explosion
  • Mooring, impact, sinking or capsizing of the vessel
  • Overturning or derailment of land conveyance
  • Collision or contact of vessel or other conveyance with any external object other than water
  • Discharge of cargo at port of distress
  • General average sacrifice
  • Compulsory / voluntary jettison

  This insurance is also subject to:

  • General average contribution and salvage charges
  • Both to Blame Collision Clause

  Institute Cargo Clauses B – 1.1.09 covers loss or damage caused by all of the mentioned above perils as well as:

  • Earthquake, volcanic eruption or lightning
  • Sea, lake or river water leak into the vessel, container or place of storage
  • Washing overboard

  This also covers total loss of parcel:

  • Either due to its loss overboard or in case it dropped whilst loaded on to or unloaded from the vessel

  Institute Cargo Clauses A – 1.1.09 covers loss or damage caused by all of the mentioned above perils as well as:

  • Any other loss or damage caused by a sudden and unforeseen event (All Risks) which is not specifically excluded

  The Additional Coverage of the insurance policy includes:

  • Loss or damage caused by war
  • Loss or damage caused by riot or strike