Back    

Marine Cargo Voyage Risks

 

Cover Provided

Institute Cargo Clause ‘C’
Institute Cargo Clause ‘B’
Institute Cargo Clause ‘A’

•    Fire & Explosion
•    Vessel being sunk or grounded
•    Collision of vessel
•    General Average
•    Jettison

All covers of ICC ‘C’ plus:
•    Water damage 
•    Earthquake, volcanic eruption or lightning
•    Sling loss

All covers of ICC ‘B’ plus all other losses not otherwise excluded
Common Clauses

•    Institute War & Strikes Clause
       This extends cover for War, Strike, Riot, Civil Commotion and Terrorism (known as War & SRCC).
•    Institute Classification Clause
       Stipulates that vessel has to be registered with classification society
•    Termination of Transit Clause (Terrorism)  

The basis of valuation depends on the trade terms.  INCOTERMS defines the above three important types.

 

Duration

Marine cargo is covered on a ‘voyage’ basis.  If regular shipments, an ‘Open’ cover can be arranged.
•    ‘Location to Location’  can be:
-    Port (of origin) to Port (of destination)
-    Warehouse (of origin) to Warehouse (of destination)
-    Port (of origin) to Warehouse (of destination)
-    Warehouse to Port (of origin)


•    Standard is ‘Warehouse to Warehouse’