Marine Cargo insurance

Provision can be made for the marine risk to which goods imported or exported are exposed. Such perils include total loss of goods as a result of total loss of the carrying vessels. It may be theft or damage at the port of loading or discharge such losses are provided for by a marine cargo cover. The marine cargo insurance policy is in three categories for different category of cover;

1. CLAUSE A: Provides compensation for “ALL RISKS” excluding wilful misconduct, bad packing, inherent vice, delay, insolvency or default of owners or chatterer of vessel, nuclear risk, unseaworthiness of carrying vessels, war risks (at an extra cost this can be covered), riot, strike and civil commotion.
2. CLAUSE B: Provides compensation for fire and explosion, stranding, grounding, sink or capsize of carrying vessel, overturning or derailment of land conveyance; collusion of vessel, earthquake. Volcano, lightning, General Average: Discharge at port of distress; Total loss of package.
3. CLAUSE C: The cover is similar to clause B, but it further excludes earthquake, volcano and lightning; jettison or washing overboard and entry of sea lake or river water.