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Product Brochure & Application Form |
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Cargo Insurance is an insurance which covers any loss of/or damage to subject matter
insured during shipment or transportation by :
- Marine transportation
- Land transportation
- Air transportation
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| Marine Cargo Insurance Conditions |
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There are three insurance condition that are mostly used amongst of many existing
marine insurance conditions. These conditions are :
- Institute Cargo Clauses "A" 1/1/82
- Institute Cargo Clauses "B" 1/1/82
- Institute Cargo Clauses "C" 1/1/82
Each of these condition provides different scope of cover, for instance,
the Institute Cargo Clauses "A" 1/1/82 has the widest scope of cover,
while Institute Cargo Clauses "B" 1/1/82 has less scope of cover.
And Institute Cargo Clauses "C" 1/1/82 has the least scope of cover of these three. |
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Condition
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Risk
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A
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B
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C
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| Fire Explosion |
Y
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Y
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Y
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| Sunk Stranded Grounded Burnt Capsized |
Y
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Y
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Y
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| Collision |
Y
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Y
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Y
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| Derailment Overturning |
Y
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Y
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Y
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| Discharge of cargo (Port of Distress) |
Y
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Y
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Y
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| Jettison |
Y
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Y
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Y
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| General Average (Sacrifice) |
Y
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Y
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Y
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| Earthquake Volcanic Eruption Lightning |
Y
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Y
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N
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| Washing Over Board |
Y
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Y
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N
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| Entry of Sea River Lake |
Y
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Y
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N
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| Total Loss Per Package (Loading Unloading) |
Y
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Y
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N
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| Earthquake, volcanic eruption or lightening |
Y
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Y
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N
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| Rain and/or Fresh Water Damage (RFWD) |
Y
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N
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N
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| Sweat and Heating |
Y
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N
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N
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| Chafing and Scratching |
Y
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N
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N
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| Rats & Vermins |
Y
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N
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N
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| Theft, Pilferage and/or Non-Delivery (TPND) |
Y
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N
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N
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| Breakage, Bending and/or Denting (BBD) |
Y
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N
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N
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| Leakage and/or Shortage |
Y
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N
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N
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| Contamination |
Y
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N
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N
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| Malicious Act |
Y
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N
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N
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| Piracy |
Y
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N
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N
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| Ordinary leakage, loss of weight/volume, wear and tear |
N
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N
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N
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| Delay, loss of market or consequential loss |
N
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N
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N
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| Insufficiency or unsuitability of packing or preparation |
N
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N
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N
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| Rusting, Oxidation, Discoloration, Contamination |
N
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N
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N
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| Just like any other insurance, Cargo Insurance conditions can be extended subject
to your requirements, below are some examples of the extension cover :
Institute War Clauses 1/1/82
Institute Strikes Clauses 1/1/82
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| Note: All the description above are virtually very general,
information in details shall be determined by terms and conditions mentioned in the policy. |
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