| Marine cargo covers the risks of loss,
damage or expense to goods during transportation
as cargo from one place to another place.
The process of transportation includes
air freight, ocean freight and overland
carriage. Loss can arise from the perils
of the sea such as rough weather, sinking,
stranding and collision of the ocean
vessel from fire or explosion. Loss
can also arise from mishandling, theft,
pilferage, non-delivery at the ports
or as a result of overturning, collision
of and/or theft from overland transports.
Other specialized coverages are available
for frozen meat and food, timber and
commodities.
Marine cargo can be arranged on single
shipment and open cover basis. In
certain circumstances, internationally
traded cargo must be insured in order
to satisfy the requirements of the
bank financing the transaction.
Perils covered ranges from the basic
Institute Cargo Clauses (C) to the
most comprehensive cover of Institute
Cargo Clauses (A).
Why Marine Cargo Insurance?
The rapid development in transportation,
be it by air, sea, road or rail, has
spurred a growth in world trade largely
due to greater protection provided
by marine insurance.
Marine Cargo Insurance can help traders
cover losses at sea through maritime
perils such as grounding, sinking,
collision at sea, stranding and even
bad weather. Marine Insurance also
extends to cover losses through movement
of cargo by air, train, truck, parcel
post, courier and even personal conveyance.
What is the scope of coverage?
All shipments to and from all around
the world, except for war zones. All
cargoes that are non-breakable, non-perishable
and non-hazardous.
What risks are covered?
As per Institute of Cargo Clause A.
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Fire and explosion |
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Sinking, stranding, grounding
and capsizing. |
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Collision or contact. |
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Earthquake, volcanic eruption,
lightning. |
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General Average Sacrifice |
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Jettison and washing overboard |
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Discharge of cargo at port of
distress |
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Entry of sea, lake or river
water into the vessel. |
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Theft, pilferage and non-delivery |
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Overturning or derailment of
land conveyance. |
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What are the features &
benefits?
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Convenient and immediate
cover |
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Strong financial security |
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Technical advice. |
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Prompt handling and settlement
of claims. |
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Double Tax incentives. An opportunity
not to be missed. |
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