Marine Cargo Insurance

What it covers?

• The scope of cover under inland policies are determined by Inland Transit Clauses A, B, and C. While C covers the losses arising due to fire and lightning, B covers losses arising due to accident of the carrying vehicle besides whatever is covered in C. Inland Transit Clause A is an All Risk policy.

• The scope of cover under inland policies is determined by Institute Cargo Clauses A, B, and C.

• While C broadly covers the losses arising due to fire/ explosion/ sinking/ stranding/ jettison/ General Average, B covers losses arising due to earthquake, entry of seawater, washing overboard etc besides whatever is covered in C.

• Institute Cargo Clause A is an All Risk policy.

• All the policies are subject to certain exclusions like inherent vice, losses arising due to war and nuclear perils, etc.

• The premium rate depends on various factors associated with the risk. Important amongst them are the nature of cargo, scope of cover, packaging, mode of conveyance, past claims experience, etc.