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Marine Insurance is a protection against the happening of accidental or fortuitous events.
It covers the risk of incidental to transportation of
goods by various modes whether by sea or by air or by land.
Marine policies are subject to the Institute Cargo Clauses A, B & C.
By Sea Freight
Clause A
- Fire & Explosion
- Vessel/Craft being Stranded, Grounded sunk or capsized
- Overturning or derailment of land conveyance
- Collision or contact of vessel, craft of conveyance with external object other than water
- Discharge of cargo at a port of distress
- Earthquake, volcanic eruption or lightning
- General Average sacrifice
- Jettison
- Washing Overboard
- 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 on to or unloading from Vessel or craft
- General Average and salvage charges, Sue & Labour Charges
- Pirates, Thieves and non‐delivery
- Rough handling
- Contamination
Clause B
- Fire & Explosion
- Vessel/Craft being Stranded, Grounded sunk or capsized
- Overturning or derailment of land conveyance
- Collision or contact of vessel, craft of conveyance with external object other than water
- Discharge of cargo at a port of distress
- Earthquake, volcanic eruption or lightning
- General Average sacrifice
- Jettison
- Washing Overboard
- 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 on to or unloading from Vessel or craft
- General Average and salvage charges, Sue & Labour Charges
Clause C
- Fire & Explosion
- Vessel/Craft being Stranded, Grounded sunk or capsized
- Overturning or derailment of land conveyance
- Collision or contact of vessel, craft of conveyance with external object other than water
- Discharge of cargo at a port of distress
- General Average sacrifice
- Jettison
- General Average and salvage charges, Sue & Labour
By Air Freight
Clause A
- It covers the cargo against “All Risks”
Clause C
- It covers the cargo in case of total loss of the craft
By Land
- Land Transit All Risks
- Standard Land Transit clause covers only derailment, collision, fire, overturning of truck and earthquake
Extensions to all Marine Institute clauses which can be bought separately
Institute War Clauses
- War, Civil War (always on board of vessel)
- Capture, seizure, arrest
- Derelict weapons of war
Institute Strikes Riots and Civil Commotions (SRCC)
Extension to cover goods for war on land
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