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Marine Import Transit Insurance Policy
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Introduction
The coverage is generally defined by reference to clauses known as Institute Clauses. The ICC ( C ), ICC (B) and and ICC (A) Clauses define different levels of coverage against marine risks and the cargo may be covered subject to any one of these clauses
The type of policy available is the S specific policy to cover single consignment or an open policy.
Code: Marine 02
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Scope of cover
There are three three types of covers: Institute Cargo Clause (C) : Named Peril basis Institute Cargo Clause (B) : Named Peril basis Institute Cargo Clause (A) : offers the widest form of cover under Marine Cargo Insurance in so far as it relates to the perils covered. ICC (A) is an unnamed perils clause.
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Sum Insured
This is an agreed value policy. Normally, insurance is taken for CIF+10%
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Premium
Rate depends on factors like nature of cargo, scope of cover, packing, mode of conveyance, distance and past claims experience
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Significant Exclusions
This P policy does not cover loss or damage due to wilful misconduct, ordinary leakage, improper packing, delay, inherent vice, war, strike, riot and civil commotion.
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Main Extension
On payment of additional premium, I nsured can opt for certain extensions to the cover provided under the policy. Extensions available are include War, Strike, Riot and Civil Commotion and Duty Insurance Cover
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