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Introduction

Marine Insurance coverage is generally defined by reference to clauses known as Institute Clauses. The ICC (C), ICC (B) and ICC (A) Clauses define different levels of coverage against marine risks and cargo may be covered subject to any one of these clauses.

The type of policy available is the specific policy to cover single consignment or an open policy.

Code: Marine 02

More Details


Scope of cover

There are three types of covers, namely 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 because of the perils covered. ICC (A) is an unnamed perils clause.

Sum insured

This is an agreed value policy. Normally, insurance is taken for CIF+10%.

Premium

Rate depends on factors like nature of cargo, scope of cover, packing, mode of conveyance, distance and past claims experience.

Significant exclusions

This policy does not cover loss or damage due to willful misconduct, ordinary leakage, improper packing, delay, inherent vice, war, strike, riot and civil commotion.

Main extension

On payment of additional premium, the insured 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.