CNP ΑΣΦΑΛΙΣΤΙΚΗ - Marine Insurance

Marine Insurance

Marine Insurance

This is a comprehensive insurance program which covers loss or damage to goods during their shipment as a result of insured risks. The coverage offered for Insured risks is provided in the form of cover packages (Coverage Clauses) known as Institute Cargo Clauses A, B and C.

BENEFITS

International Clauses

The coverage clauses are internationally accepted and valid for most countries in the world.

Full Coverage

Actual total loss or constructive total loss.

WHO IS THIS FOR

Individuals, cargo importers or exporters or people engaging in transit trade. The Marine Cargo Insurance Policy is dealt under Marine and Transport Insurance Class.

HOW TO GET IT

HOW DOES IT WORK

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

COVER EXCEPTIONS

The policy is subject to certain exclusions, some of which are:

  • war, acts of terrorism, nuclear radiation and environmental pollution
  • unsuitable packaging or inappropriate stacking in a container
  • loss or damage caused by delay 
  • loss or damage arising from insolvency or financial default of owners, managers or charterers of vessels
  • loss or damage resulting from the unsuitability of the ship or container

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