Marine Cargo Insurance - Terms & Conditions

Institute Cargo Clauses (A)

Coverage:
This provides a comprehensive "All Risks" cover of loss or damage to the cargo, subject to specific exclusions as mentioned below.

Exclusions:
Insurance does not cover loss, damage or expense caused by:
Wilful misconduct of Assured, ordinary leakage, loss of weight or volume, wear and tear, unsuitable packing, inherent vice, delay, insolvency or financial default of owners, managers, charterers or operators of vessels, atomic weapon of war, radioactivity.

Institute Cargo Clauses (B)

Coverage:
Loss or damage to the subject matter insured reasonably attributable to named risks as follows :
Fire, explosion, stranding, grounding, sinking, capsizing of vessel, over-turning, derailment of land conveyance, collision or contact of vessel with external object other than water. Discharge of cargo at port of distress, general average sacrifice, jettison, washing overboard, entry of sea, lake or river water into vessel, craft, hold, conveyance, liftvan or place of storage, total loss of package lost overboard or dropped during loading or unloading, earthquake, volcanic eruption or lightning.

Exclusions:
Insurance does not cover loss, damage or expense caused by :
Wilful misconduct of Assured, ordinary leakage, loss of weight or volume, wear and tear, unsuitable packing, inherent vice, delay, insolvency or financial default of owners, managers, charterers or operators of vessels, atomic weapon of war, radioactivity, deliberate damage to or destruction of subject-matter insured.

Institute Cargo Clauses (C)

Coverage:
Loss or damage to the subject matter insured reasonably attributable to named risks as follows :
Fire, explosion, stranding, grounding, sinking, capsizing of vessel, over-turning, derailment of land conveyance, collision or contact of vessel with external object other than water. Discharge of cargo at port of distress, general average sacrifice, jettison.

Exclusion

Insurance does not cover loss, damage or expense caused by: Wilful misconduct of Assured, ordinary leakage, loss of weight or volume, wear and tear, unsuitable packing, inherent vice, delay, insolvency or financial default of owners, managers, charterers or operators of vessels, atomic weapon of war, radioactivity, deliberate damage to or destruction of subject-matter insured.

Commodities like cement, loose cargo, on-deck cargo except containers, scrap metal, unpacked cargo, used/second hand cargo) are insured against Institute Cargo Clauses (C) War/SRCC, including jettison and washing overboard or against Airfreight Clause (as applicable). Vessel as per Institute Classification Clause - 1.8.97

Insurance of the following commodities shall be subject to additional warranties and exclusions.

Commodity	Warranty/Exclusions
Auto spares/automobiles	Excluding rust, oxidation, discolouration unless caused by perils insured under ICC (C)
Beverage in bottles/building materials	Warranted professionally packed
Cameras/VCRs	Excluding mechanical and electrical derangement unless caused by an insured peril and subject to physical damages resulting therefrom
Canned food/drink	Excluding rust, oxidation, discolouration and denting to cans absolutely
CPU/disk drive	Excluding mechanical and electrical derangement unless caused by an insured peril and subject to physical damages resulting therefrom. Warranted professionally packed
Computers/peripherals/ electrical/electronic equipment	Excluding mechanical and electrical derangement unless caused by an insured peril and subject to physical damages resulting therefrom
Engineering products/parts	Excluding rust, oxidation, discolouration unless caused by perils insured under ICC (C)
Fragile article/glassware	Warranted professionally packed
Heavy equipment	Excluding rust, oxidation, discolouration unless caused by perils insured under ICC (C)
Household appliances	Excluding mechanical and electrical derangement unless caused by an insured peril and subject to physical damages resulting therefrom
Machineries/parts	Excluding rust, oxidation, discolouration unless caused by perils insured under ICC (C). Further excluding water damage if shipped in open-top containers.
Marine hardware/office machine /oilfield tools/ equipment's	Excluding rust, oxidation, discolouration unless caused by perils insured under ICC (C)
Personal effects	Warranted professionally packed. Excluding all pre-existing damages/defects
Porcelain/sanitary ware	Warranted professionally packed
Steel/iron products	Excluding bending, twisting, end damage, rust, oxidation, discolouration absolutely