Import & export business are exposed to a number of risks which may be out of your control. Bad weather, fire, strikes and other events can adversely affect the profitability of your business. Our Marine Cargo Insurance will protect your imports or exports against maritime risks subject to your choice for “all risks cover” or selected perils. You can also be covered against war or strikes under specific clauses as well as transit from warehouse to warehouse. So that your maritime cargo is protected against damage by road accidents. Indeed a marine insurance covers either the Cargo (import or export) or the Hull (ship or carrier).
There are mainly three types of marine insurance cover.
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.