All types of Marine Cargo Insurance
Marine Cargo Insurance: Cargo meaning the insurance or goods being conveyed. This refers to goods or merchandises that one being carried from one place to another or 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:
(a) By ship or steamer or powered vessel
(b) By land conveyance (Truck/ Lorry / Rail)
(c) By Air.
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 irruption of lightning. This policy also covered general average sacrifice, jettison or washing overbroad, entry of sea, lake or river water, total loss of any package lost overbroad or dropped whilst loading on to or unloading from vessel.
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.
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
1. By Rail/Lorry/Truck Risk only
2. By Rail/Lorry/Truck All Risks.
GOODS CARRIED BY AIR
Goods or cargoes conveyed by above transport may be covered as under :
1. Air Risk Only
2. Air All Risk
All types of Marine Hull Insurance
Hull means the insurance of ship. The ship is always at the risk of the perils of the seas and therefore, the ship owner can insure it against probable losses as such. The subject matter of hull insurance are usually:-
a. Hull
b. Plant & Machinery
c. Refrigeration Machinery etc.
d. Freight (if the freight is after paid when at the risk of the ship owner)
Direct risk covered under Marine Hull Insurance:
Fire, theft, jettison, collision, contact, heavy weather, Stranding/ foundering, sinking, General average, Sue & labour charges. The Marine Hull policy may include liability hazards such as collision or running down.
Additional Risk Covered on payment of additional premium
War Strike Riot Civil Commotion (SRCC)
Remarks:
Premium being determined on a rating subject to age and class of construction of Hull.
Risks covered under following categories :-
a) ITC (All risk Policy)
b) TLO (Total Loss only)
According to the law the insured is required to pay the Stamp duty of this policy.
