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Single voyage

Most common type of policy and it covers the cargo when it transits from one place to another place.

Marine open cover

A marine cargo open policy is the agreement between the Insured and the Insurance Company to insure all cargoes in transit falling within that agreement for an indefinite period, until the agreement is cancelled by either policy.

Annual policy

An annual policy is to cover risks for a period of time, usually one year and all the shipments should fall within the terms/conditions of the policy.

Key Features

1. Goods in transit constitues:

• Sea, air and land
• As provided in the Institute Cargo Clause 

2. Marine Cargo policy is ideal for:

• Importers/exporters
• Logistic companies on behalf of their customers
• Freight forwarders on behalf of their customers
• Manufacturers
• Traders
• Other buyers and sellers engaged in international and/or local trade

Institute Cargo Clauses A (ICC A)

Theft, pilferage and non-delivery

• Rough handling

• Piracy

• Perils covered under ICC B & ICC C

Institute Cargo Clauses B (ICC B)

• Washing overboard. Entry of sea, lake or river water into vessel, craft, hold, conveyance,  container, lift van or place of storage

• Earthquake, volcanic eruption or lightning

• Total loss of package lost overboard or dropped whilst loading on to or unloading from vessel or craft 

• Perils covered under ICC C

  Institute Cargo Clauses C (ICC C)

• Fire or explosion

• Vessel/craft being stranded, grounded, sunk or capsized

• Overturning or derailment of land conveyance

• Collision or contact of vessel, craft or conveyance with external object other than water

  Local delivery by land

• Fire or explosion

• Overturning or derailment of land conveyance

• Collision or contact of conveyance with any external object