Marine Cargo InsuranceThe continuing growth in world trade increases the volume of cargo transportation. In order to compensate the owners of goods the loss of or damage to the goods they suffered during the course of transit, Cargo Insurance is the best measure. Therefore, Cargo Insurance is an integral part of the international trade. In Cargo Insurance, the majority of cargo owners enroll in Marine Cargo Insurance, Overland Transportation Insurance and Air Transportation Insurance etc.
Marine cargo cover is mostly on a so-called "Warehouse to Warehouse" basis, meaning that the cargo is covered from the time it leaves the sender's premised until it reaches the final storage destination. This almost always will involve both land and sea transits.
top- Institute Cargo Clause A > B > C
- Loss due to wilful misconduct of the assured
- Expected losses, such as wear and tear, ordinary loss in weight, etc.
- Loss due to inadequate packing, bearing in mind the journey and nature of the cargo
- Loss due to unseaworthiness of the carrying vessel, of which the assured is aware at the time of loading
- Institute Radioactive Contamination, Chemical, Biological, Bio-Chemical and Electromagnetic Weapons
topIn the case of large turnover, the identity and loss record of the assured have an important bearing upon the premium charged, which is normal as a rate percent on the amount insured.
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