Marine Cargo Insurance
Marine Cargo Insurance
Protects the cargo being transported against damage or loss during transit by sea, air, or land. It covers various perils, including damage caused by accidents, theft, fire, and natural disasters.
Overview
What is Marine Cargo Insurance?
Insurance that covers losses from damage or loss of goods during transit by land, air, or sea.
Differences in Cargo Insurance Coverage:
- 1Institute Cargo Clause A
- 2Institute Cargo Clause B
- 3Institute Cargo Clause C
Understanding ICC
Differences Between ICC "A", "B" and "C"
Cargo insurance policies generally come in 3 types of coverage, commonly referred to as ICC "A", ICC "B" and ICC "C". ICC stands for Institute Cargo Clauses, which is the title of the clause/condition that governs the limits and conditions applied in a cargo shipping insurance policy.
Institute Cargo Clause A
All Risks — The most comprehensive coverage, covering all risks except those expressly excluded in the policy.
Institute Cargo Clause B
Named Perils (Broad) — Coverage based on specifically named risks, medium scope.
Institute Cargo Clause C
Named Perils (Basic) — The most basic coverage, only covering major risks.
Coverage Comparison
Differences Between ICC A, ICC B and ICC C
Let us simply understand the differences between ICC A, ICC B and ICC C.
| No. | Risk / Coverage | ICC "A" | ICC "B" | ICC "C" |
|---|---|---|---|---|
| 1. | Fire or Explosion | covered | covered | covered |
| 2. | Vessel stranding, grounding, sinking or capsizing | covered | covered | covered |
| 3. | Land vehicle collision, overturning or derailment | covered | covered | covered |
| 4. | Vessel collision or contact with objects other than water | covered | covered | covered |
| 5. | Discharge of cargo at a port of distress | covered | covered | covered |
| 6. | Earthquake, volcanic eruption or lightning | covered | covered | |
| 7. | General average sacrifice | covered | covered | covered |
| 8. | Jettison (cargo thrown overboard) | covered | covered | |
| 9. | Cargo washed overboard | covered | covered | |
| 10. | Entry of sea, lake or river water into vessel, hold, container or storage | covered | ||
| 11. | Total loss per package from being dropped or falling overboard during loading/unloading (sling lost) | covered | covered | |
| 12. | General Average contribution | covered | covered | covered |
| 13. | Both to blame collision contribution | covered | covered | covered |
| 14. | Flood, typhoon, landslide, land movement, tsunami | covered | ||
| 15. | Theft, robbery and pilferage | covered | ||
| 16. | Dropping, forklift damage, other loading/unloading risks | covered | ||
| 17. | Other accidental damage not mentioned above | covered |
Consultation
Discuss your Marine Cargo Insurance needs
Contact our Marine Cargo team for professional consultation.