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MARINE CARGO INSURANCE
Marine Cargo Insurance covers against loss or damage to the goods/cargo since the goods/cargo leave the warehouse or storage area to the warehouse/destination in the domestic and international scale. The means of transport used include sea vessel, barge or ferry, transhipments with other means of transport such as trains, trucks directly connected to the marine cargo risks.
Types of Marine Cargo coverage :
1. Institute Cargo Clause (ICC) “C” – 1/1/82
Covers losses on the cargo as a result of a fire or explosion, shattered, drowned or stranded of the vessels, slip, derailed, overturned of the boat or conveyance, collision of the conveyance with other objects (except water), unloading in ports, intentional disposal of goods into the sea to save the vessel (jettison) and General Average.
2. Institute Cargo Clause (ICC) “B” – 1/1/82
Covers all of ICC “C” coverages plus covers of losses due to earthquakes, volcanic eruptions, tsunami, lightning, goods swept off to the sea. The influx of sea/lake/river water into the hold/container/storage of goods. Overall losses per bale due to missing/thrown/dropped during loading/unloading.
3. Institute Cargo Clause (ICC) “A” – 1/1/82
Covers all risks of loss/damage to the insured goods unless the exclusions listed in the Policy’s Exclusions.
General Terms & Conditions of the Coverage :
1. General Exclusions :
The insurance does not cover :
2. Unseaworthy vessel and imperfections of Vessel and Transport Equipment (Unseaworthiness and Unfitness Exclusion Clause)
This insurance does not cover loss, damage or expense arising from:
3. War Exclusion Clause
This insurance does not cover loss, damage or expense caused by:
4. Strikes Exclusion Clause