Marine Cargo Policy
Marine Cargo Insurance
Marine cargo policy provides cover for loss or damage to imported goods being conveyed by sea or air and can be taken up either as an All Risk Policy (covers total or partial loss of goods) or as a Restricted Cover Policy (covers total loss only). The premium rate applied will depend upon the nature and value of goods being imported, the type of cover required as well as the country of origin.
The Scope of cover could be Clause A, B or C with the widest cover being Clause A and the least C.
The exclusions associated to this class of insurance are expressly contained in Institute cargo clauses (ICC).
The exclusions are contained under sections 4 – 7 of ICC (i.e. institute cargo clauses)
- Loss, damage expense attributable to willful misconduct of the Assured.
- Ordinary leakage, ordinary loss in weight or volume or ordinary wear and tear of the subject matter insured.
- Loss damage or expense caused by insufficiency or unsuitability of packing or preparation of subject matter insured to withstand the ordinary incidents of the insured transit where such packing or preparation is carried out by the Assured or their employees or prior to the attachment of this insurance.
- Loss, damage or expense caused by inherent vice or nature of the subject matter insured.