What is Marine Cargo Insurance?
The Marine Cargo insurance policy indemnifies the Insured as per Institute Cargo Clause (ICC) for physical loss, damage, expenses and liability to the goods insured during direct transit from the time the goods leave the warehouse or place of storage of the seller.
Mostly, small or large cargo transit companies need to take this policy every time cargo is carried out, so that their risk of exposure can be minimized.
What are the covers/benefits provided in marine cargo insurance?
- physical loss, damage, expenses and liability to the goods insured :
- On delivery to the consignee or other final warehouse or place of storage at the final destination OR
- On delivery to any other warehouse or place of storage, whether prior to or at the destination which the insured choose to use either for storage or for distribution OR
- On the expiry of 60 days after completion of discharge of the goods insured at the final port discharged, whichever shall first occur.
- Institute Cargo Clauses (A) 1.1.82 / 1.1.09
- Institute Cargo Clauses (B) 1.1.82 / 1.1.09
- Institute Cargo Clauses (C) 1.1.82 / 1.1.09
You may extend coverage to the following risks by paying an additional premium rate.
- War as provided in the Institute War Clauses (Cargo)
- Strikes as provided in the Institute Strikes Clauses (Cargo)
More information about our marine cargo insurance or other types of insurance products, you can contact us by clicking on the link, or for fast response can directly click the WhatsApp button on top of the page.
