Coverage is meant for transportation of goods or items by sea or air. Marine Cargo Insurance policy provides indemnity against loss or damage for goods being transported by sea or air and incidental land transportation. Either single voyage policies or annual policies are offered.
TYPES OF COVERS AVAILABLE
a) Institute Cargo Clauses “A”
These covers offer wide coverage and is similar to an All Risks cover. Because of this it is also expensive. Rating should always be obtained from the Marine Department
b) Institute Cargo clauses “B”
This is a more restrictive cover and essentially covers total loss only including loss of a complete package during discharge or as a result of water damage. It is cheaper than Institute Cargo Clauses “A”
c) Institute Cargo Clauses “C”
This is a total loss only cover. The entire shipment must be lost for a claim to be paid under these clauses. It is also the cheapest in terms of premium