Insuring your shipment can dramatically reduce your exposure to risk. It therefore makes good sense that you not only take precautions against accidents happening but that you're also well prepared for it.
Marine Cargo Insurance protects you against any financial consequences of loss of or damage to your property. And this includes cover for the other properties that you are responsible for.
Conveyance - By sea
Covers loss or damage whilst cargo is being conveyed by recognized sea transport. There are 3 marine insurance by sea conveyance coverage categories. They are Institute Cargo Clause A, B and C. Following is a summary of the coverage provided by type:
o Institute Cargo Clause A - Covers all risks of loss or damage to the cargo
o Institute Cargo Clause B - covers fire or explosion, stranding or grounding of vessel, overturning or derailment of land conveyance, collision or contact of vessel with external object, discharge of cargo at port of distress, earthquake, volcanic eruption or lightning, jettison or washing overboard, entry of sea, lake or river water into vessel.
o Institute Cargo Clause C - covers fire or explosion, stranding or grounding of vessel, overturning or derailment of land conveyance, collision or contact of vessel with any external objects, discharge of cargo at port of distress, jettison.
Extra Cover Upon Request
War risks
Strike and civil commotion risk
Transhipment
Some Common Exclusions
Willful misconduct of insured
Ordinary leakage, loss in weight or volume or ordinary wear and tear
Insufficient packing or unsuitability of packing or improper stowage in container
Inherent vice or nature of the good
Act or terrorism with political motive
Delay even though caused by strike against the insured
Insolvency or financial default of the owners, charters or operators of the vessel
War, strike and civil commotion
Conveyance - By Air
Covers all risks of loss or damage whilst cargo are being conveyed by recognized air transport companies
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