Marine Cargo Open Cover

Marine Cargo Open Cover - customer

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.

Marine cargo is covered on a ‘voyage’ basis. If regular shipments, an ‘Open’ cover can be arranged.

1. Port (of origin) to Port (of destination)

2. Warehouse (of origin) to Warehouse (of destination)

3. Port (of origin) to Warehouse (of destination)

4. Warehouse to Port (of origin)

Marine Cargo Open Cover - customer