A marine policy covers either the Cargo or the Hull.
Marine Cargo policy indemnifies the insured for accidental damage or loss to the insured property (cargo) as a result of insured perils such as storm, jettison, fire, seawater damage, etc.
There are mainly three clauses in marine insurance business.

• Institute Cargo Clause “A”
  This clause is comprehensive in nature and thus covers “All Maritime Risks” except specifically excluded perils.
  Shipment can be either by sea or by air.
• Institute Cargo Clause “B”
  This clause (cover) gives a wider maritime cover than the clause “C”. In addition to the cover granted under the ICC “C”, the following perils are covered under the ICC “B”: Earthquake, volcanic eruption and lightning, Washing overboard by sea water or wind, entry of sea, lake or river water into the vessel causing damage to the goods, Total loss of package overboard or dropped into the sea while loading or unloading from the vessel
• Institute Cargo Clause “C”
  The Institute Cargo Clause “C” gives the least cover in marine insurance. The perils that are covered are, Fire and explosion, Vessel being stranded or capsized, Impact damage, Discharge of cargo at a port of distress, General average sacrifice and Jettison.