Marine Cargo Insurance

Marine Cargo Insurance offers coverage or the insurance of goods on both export and import for loss or damage caused by an insured perils, including collision, storm, theft occuring during the ordinary course of transit by sea and air plus inland transit until delivered to the final destination warehouse.

Insurance of cargo is usually arranged on a voyage basis. Seperate policy can be issued on occasional shipments. But on regular shipments of goods, this procedure would be cumbersone and can also provide automatic cover on a declaration basis by means of a marine open cover whereby the insurer undertakes to insure all shipments for an indefinite period, until cancelled by the parties concerned.

The main clauses in use are:

Institute Cargo Clauses "A" which provide cover on comprehensive basis "All Risks".

Institute Cargo Clauses "B" which provide cover only against specified risks.

Institute Cargo Clauses "C" which provide cover for fewer specified risks.

There are other clauses specially designed to cover certain commodities (frozen food, Timber, Coal, Frozen Meat, Sugar)