Marine Cargo Insurance compensates
you
for loss of or damage to goods while being transported as cargo
from
one place to another, whether the transportation be by air,
water
(sea or inland waterways), or over land (rail or road). This
insurance provides protection to your goods from the moment they
leave the warehouse at the point of origin to the point they
arrive
at your door.
How much will I pay?
Pricing for Marine Cargo Insurance is determined by several
factors
including:
Nature
of
goods being transported
Nature
of
packaging (whether containerised or non-containerised)
Method
of
shipment (whether it is airfreight of sea freight)
Cover
required (ICC A, ICC B or ICC C)
The
previous claims history probably over the last three years
The extend of coverage is determined by the type of insurance you choose. There
are
3 main types of Marine Cargo Insurance: Institute Cargo Clauses A (ICC A),
Institute
Cargo Clauses B (ICC B), Institute Cargo Clauses C (ICC C).
Extent of coverage
The extent of cover for each is as per table below:
Swipe to view more
ICC A
ICC B
ICC C
Fire Explosions
Vessel or craft
stranded,
sunk, burnt or capsized
Land conveyance
overturned
or derailed
Collision or contact of
vessel
Earthquake, lightning,
or
volcanic eruption
Malicious damage
Theft
General Average
sacrifice
Jettison
Washing overboard
Entry of sea/river/lake
water into vessel,
craft,
conveyance, container or
place of storage.
Total loss of any
package
lost overboard or
dropped
whilst loading onto, or
unloading from vessel or
craft
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