Marine Cargo Insurance provides the Insured with indemnity for loss of or damage to the goods during transit.
Types of Clauses:
1] Institute Cargo Clause A (ICC A) – Covers the Goods against loss or damage subject to exclusions
2] Institute Cargo Clause B And C (ICC B & C) – Cover is specifically named in the clauses, unnamed perils are not covered
Examples of Risks covered are:
- Fire/Explosion
- Vessel Stranded, grounded, sunk or capsized
- Collision
- Entry of Sea/River water into Vessel
- Total loss of any package lost overboard
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