Marine Cargo

Marine Cargo insurance a good countermeasure to vessel damage and inevitable loss of valuable cargo. It prevents any liability claims due to physical loss and damage caused to the transported good. Cargo insurance is an assignable document, i.e., it is easy to transfer the titles to the good from one party to another.

Cargo insurance is an insurance policy taken up to protect against loss of or damage to your goods while they are being transported.

The policy is meant to indemnify you if there is any loss or damage to your cargo.

All types of cargo carried by sea or air including bulk, break bulk, containerised, oil and general cargo. Cargo risks covered  falls under the three main sets of the Institute Cargo Clauses as follows:-

ICC ‘A’ – Provide coverage for all risks of loss or damage to the subject matter insured. The words “all risks” should be understood in the context of the “A” clause to cover “fortuitous loss”, but not “loss that occurs inevitably.”

ICC ‘B’ – provide significant additional coverage; wet damage from sea, lake or river water and accidents in loading and discharging, but there is no coverage for theft, shortage and non-delivery.

ICC ‘C’ – provide major casualty coverage during the land, air or sea transit.