Marine Cargo
Marine Cargo
Marine cargo insurance typically covers goods while they are being transported by sea, air, or land (if part of the journey). It can protect against various risks including fire, theft, sinking, capsizing, and damage caused by accidents or rough handling during transit.
Key Coverages
- fire or explosion
- vessel being stranded grounded sunk or capsized
- overturning or derailment of land conveyance
- collision or contact of vessel with any external object
- discharge of cargo at port of distress
- earthquake, volcanic eruption or lighting
- general average sacrifice
- jettison or washing overboard
- entry of sea, lake or river water into vessel, craft, hold, conveyance, container liftvan or place of storage
- total loss of any package lost overboard or dropped whilst loading on to, or unloading from vessel
- fire or explosion
- vessel being stranded grounded sunk or capsized
- overturning or derailment of land conveyance
- collision or contact of vessel with any external object
- discharge of cargo at port of distress
- general average sacrifice
- jettison
Risks of War Strikes Riots and Civil Commotions may be extended subject to payment of additional premium subject to Institute War Clauses (Cargo) 1.1.09 and Institute Strikes Clauses (Cargo) 1.1.09
The cover commences when the goods is first moved in the warehouse or at the place of storage named in the policy for the purpose of the immediate loading into or onto the carrying vehicle or other conveyance for the commencement of transit and continues during the ordinary course of transit and terminates either:
- on completion of unloading from the carrying vehicle or other conveyance in or at the final warehouse or place of storage at the destination named in the policy
- on completion of unloading from the carrying vehicle or other conveyance in or at any other warehouse or place of storage, whether prior to or at the destination named in the policy which the Assured or their employees elect to use either for storage other than in the ordinary course of transit or for allocation or distribution or
- when the Assured or their employees elect to use any carrying vehicle or other conveyance of any container for storage other than in the ordinary course of transit or
- on expiry of 60 days after completion of discharge overside of the subject-matter insured from the oversea vessel at the final port of discharge. Whichever shall first occur. You need to buy insurance for each & every transit separately.