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Marine Cargo |
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| Marine Cargo |
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| Scope of cover |
There are two typesw of covers:
“Basic Risk Policy”
covers loss or damage to specify goods caused by fire,
lightning, breakage of bridges, overturning of vehicles,
collision with or by carrying vehicle, subject to specified
exclusions.
“All Risks
Policy” covers all risks of loss or damage
to specified goods, subject to exclusion.
The scope of cover under inland policies are determined
by Inland Transit Clauses A, B and C. While C covers the
losses arising due to fire and lightning, B covers losses
arising due to accident of the carrying vehicle besides
whatever is covered in C. Inland Transit Clause A is an
All Risk policy.
The scope of cover under inland policies are determined
by Institute Cargo Clauses A, B and C.
While C broadly covers the losses arising due to fire/
explosion/ sinking/ stranding/ jettison/ General Average,
B covers losses arising due to earthquake, entry of sea
water, washing overboard etc besides whatever is covered
in C.
Institute Cargo Clause A is an All Risk policy.
All the policies are subject to certain exclusions like
inherent vice, losses arising due to war and nuclear perils
etc.
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| Sum Insured |
| The sum insured is based on
cost, insurance, freight and other incidental expenses.
This is an agreed value policy. |
| Premium |
| Rate depends on factors like
nature of cargo, scope of cover, packing, mode of conveyance,
distance and past claims experience. |
| Exclusions |
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Loss or damage due to
faulty design, defective material or casting, bad
workmanship other than faults in erection. This
exclusion is limited to the items immediately affected
and does not apply to any consequential loss to
correctly executed items. |
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Cost necessary for rectification or
correction of any error during erection unless resulting
in physical loss or damage. |
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Loss or damage due to gradual deterioration,
atmospheric condition, rusting etc |
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Loss discovered only at the time of
taking inventory |
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Loss arising out of penalty for delay,
non-fulfillment of terms of contract. |
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| Main Extensions |
On payment of additional
premium, I ensured can opt for certain extensions to the
cover provided under the policy.
Extensions available are include War, Strike, Riot and
Civil Commotion and Duty Insurance Cover |
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Premium Calculation