Marine Cargo Insurance

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Marine Cargo Insurance

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

Exclusions

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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