Policy is made available to cover single consignment or an open policy
- Loss or Damage to cargo following accidents during transits
- Loss or Damage to cargo following natural calamities
- Loss or Damage to cargo following theft or pilferage
- Loss or Damage to cargo during loading and unloading
Policy Details
Scope of cover
There are three three types of covers:
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 in so far as it relates to 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
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.
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