Marine Cargo Insurance

Description

There are presently three types of marine cargo covers available:

Institute Cargo Clauses A: This covers all risks (range of contingencies including breakages, damages, shortages, etc.) of loss of or damage to the subject-matter insured.
Institute Cargo Clauses B: This type of cover is not as wide as clauses A. It covers only loss of or damage to the subject matter reasonably attributable to fire or explosion, vessel of craft, grounded, sunk or capsized; collision or contact of vessel, craft or conveyance with any external object apart from water; discharge of cargo at a port of distress; earthquake, volcanic eruption or lightning; entry of sea, lake or river water into vessel, craft, hold, conveyance, container, liftvan or place of storage; total loss of any package lost overboard or dropped whilst loading into or unloading from vessel or craft; and jettison and washing overboard. This clause does not cover claims for partial losses.
Institute Cargo Clauses C: This cover is the least. It provides cover against specific perils like under clauses B but excludes earthquake, volcanic eruption or lightning; entry of sea, lake or river water into vessel, craft, hold conveyance, container, liftvan or place of storage; total loss of any package lost overboard or dropped whilst loading into or unloading from vessel or craft; and washing overboard of cargo. This clause does not cover claims for partial losses.