What is the scope of the policy?
- The scope of cover under inland policies are determined by Inland Transit Clauses A, B and C.
- C broadly covers the losses arising due to fire/ explosion/ sinking/ stranding/ jettison/ General Average.
- B covers losses arising due to earthquake, entry of sea water, 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 sum insured is based on cost, insurance, freight and other incidental expenses. This is an agreed value policy.