Marine Import & Export (Cargo) Insurance
Marine cargo insurance is a class of property insurance that insures property while in transit against loss or damage arising from perils associated with the navigation of the sea or air and subsequent land and inland waterways.
Need for Marine Cargo Insurance
Marine Cargo Business is not constrained by borders, and goods are shipped around the world. The transit from its “Origin” to “Destination”, is exposed to various risks. The domestic movement or importing and exporting of goods can expose you (Seller/Consignor) or (Buyer/Consignee) to massive financial losses in case shipments gets damage in transit or lost. It is crucial to protect these goods from the various possible mishaps, enabling you to run you trade/business smoothly.
What it covers?
- Clause A – Cover against unnamed perils
- Clause B
- Washing overboard (accidently losing the cargo over the side as contrasted with doing it deliberately)
- Entry of sea, lake or river water to the vessel or place of storage, however, note that this peril does not cover rainwater, sprinkler water or condensation type damage
- Total loss of a package by falling overboard
- Clause C
- Fire and explosion
- Grounding or stranding of the vessel
- Jettison of the cargo (disposing of the cargo over the side of the ship deliberately)
- Damage to the cargo if it must be discharged after damage to the ship
What it doesn’t cover?
- Wilful misconduct of the insured – deliberately causing damage to the cargo
- Wear and tear or inherent vice – the natural behaviour of cargo without any external influence (such as cargo ripening or ferrous metals rusting)
- Insufficiency of packing – this is a relative concept as the measure is the appropriate packing for that cargo, not a standard across all cargos
- Insolvency of the carrier – this is to try and focus cargo interests minds on the quality of those with whom they do business
- Delay – even if the delay is caused by a peril insured against. This is because insurers are not interested in covering loss of market
- Unseaworthiness – particularly if the insured was aware or should have been aware at the time of loading. The concept of unseaworthiness is not just a ship with holes in her hull but also incompetent crew, or missing radios.
- Unfitness of a container or other conveyance (truck etc) to carry the cargo
- Malicious damage – this is only in the ICC B and C Clauses
- War – piracy is not included in this exclusion
- Nuclear Strikes
The subject of Marine Insurance is very wide and encompassing, which is why there is a definite categorization of various types of marine insurance and different types of marine insurance policies. As per the needs, requirements and specifications of the transporter, an appropriate type or types of marine insurance can be narrowed down and selected to be put into operation.
Talk to us today for all your Marine Import & Export Insurance needs at an affordable price and for reliable claims management.
For registration of claims and to learn more about our claims process please Contact our dedicated claims team for advice on an incident/claim.
D&O Policy protect company director or officer from legal liability arising out of actual or alleged wrongful acts in managing a company.
- The policy covers a wide range of litigation that could arise from customers, vendors, shareholders, employees.
- In addition to defence cost, it provides cover for :
- Investigation Cost
- Entity Protection against Employment Practice Liability claims
- Outside Entity Directorship cover,etc.