Marine Cargo Insurance

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Cover your goods for any loss or damage while in-transit on the ocean

This Insurance provides coverage for physical damage to cargo that is conveyed or travelled as part of the shipment process. Depending on the chosen coverage, some policies offer theft protection or coverage for other forms of losses besides physical damage.

Risks Covered
  • Fire and explosion
  • Grounding or stranding of the vessel
  • Sinking
  • Collision
  • Damage to the cargo if it has to be discharged after damage to the ship
  • Washing overboard (accidently losing the cargo over the side as contrasted with doing it deliberately)
  • Entry of sea, lake or river water to the vessel or place of storage, however note that this peril does not cover rainwater, sprinkler water or condensation type damage
  • Total loss of a package by falling overboard
  • Jettison of the cargo (disposing of  the cargo over the side of the ship deliberately)
  • Wilful misconduct of the insured – deliberately causing damage to the cargo
  • Wear and tear or inherent vice – the natural behaviour of cargo without any external influence (such as cargo ripening or ferrous metals rusting)
  • Insufficiency of packing – this is a relative concept as the measure is the appropriate packing for that particular cargo, not a standard across all cargos
  • Insolvency of the carrier – this is to try and focus cargo interests minds on the quality of those with whom they do business
  • Delay – even if the delay is caused by a peril insured against. This is because insurers are not interested in covering loss of market
  • Unseaworthiness – particularly if the insured was aware or should have been aware at the time of loading. The concept of unseaworthiness is not just a ship with holes in her hull but also incompetent crew, or missing radios.
  • Unfitness of a container or other conveyance (truck etc) to carry the cargo
  • Malicious damage – this is only in the ICC B and C Clauses
  • War – piracy is not included in this exclusion
  • Strikes
  • Nuclear Activity

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