If there is any material misdescription of any of the property hereby insured, the company shall not be liable for any loss or damage resulting therefrom.

Marine Cargo Insurance Meaning:Marine insurance is often thought of as coverage for shipping goods by sea. However, it offers more than that. Marine insurance policies also protect goods during transportation by rail, road, and air.

Marine Cargo Insurance Types:
  • Transit by Steamer or Powered Vessel: INSTITUTE CARGO CLAUSES (A), (B) & (C)
  • Transit by Rail/Lorry/Truck
  • Transit by Inland Rail or Road
  • Transit by Inland Cargoes (waterborne)
  • Transit by Air Cargo
INSTITUTE CARGO CLAUSES (A)
Risks Covered:This insurance covers all risks of loss or damage to the subject-matter insured except as excluded by the provisions of Clauses 4, 5, 6, and 7 below.

General Average:This insurance covers general average and salvage charges, adjusted or determined according to the contract of carriage and/or the governing law and practice, incurred to avoid or in connection with the avoidance of loss from any cause except those excluded in Clauses 4, 5, 6, and 7 below.

Both to Blame Collision Clause:This insurance indemnifies the Assured, in respect of any risk insured herein, against liability incurred under any Both to Blame Collision Clause in the contract of carriage. In the event of any claim by carriers under the said Clause, the Assured agrees to notify the Insurers who shall have the right, at their own cost and expense, to defend the Assured against such claims.
Exclusions:
  • Loss damage or expense attributable to wilful misconduct of the Assured
  • Ordinary leakage, ordinary loss in weight or volume, or ordinary wear and tear of the subject-matter insured
  • Loss damage or expense caused by insufficiency or unsuitability of packing or preparation of the subject-matter insured
  • Loss damage or expense caused by delay, even though the delay be caused by a risk insured against
  • Loss damage or expense caused by insolvency or financial default of the owners/operators
  • Loss damage or expense directly or indirectly caused by or arising from the use of any weapon or device employing atomic or nuclear fission

Termination of Contract of Carriage:
If owing to circumstances beyond the control of the Assured, the contract of carriage is terminated at a port or place other than the destination named therein, then this insurance shall also terminate unless prompt notice is given to the Insurers and continuation of cover is requested.

Further Exclusions:
  • Loss damage or expense arising from unseaworthiness of vessel or craft or unfitness of vessel for the safe carriage of the subject-matter insured
  • Loss caused by war, civil war, revolution, rebellion, insurrection, or civil strife arising therefrom
  • Loss damage or expense caused by strikers, locked-out workmen, or persons taking part in labour disturbances, riots, or civil commotions
  • Loss caused by any act of terrorism or political, ideological, or religious motive