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Marine Cargo Insurance
1Introduction
“Marine Cargo Insurance” protects the Insured against loss of or damage to goods from accident incurred during the course of transit.
 
2Applicable Customers
Importers/Exporters, Freight/Logistics Companies, Manufacturers, Distributors, Retailers, Wholesalers.  
 
3Product Features
3.1 When the insured goods suffer losses, the company shall be liable for compensation according to the liability scope of the insurance coverage.
3.2 Comprehensiveness of the risk coverage: The risks covered by Cargo Transportation Insurance include marine, onshore and airborne risks, natural disasters and accident risks, dynamic and static risks, etc.
3.3 In no case shall this insurance cover loss damage or expense caused by inherent vice or nature of the subject-matter insured

4Insurance Coverage
The widest cover is provided under Institute Cargo Clauses A and a more restrictive cover under Institute Cargo Clauses B and Institute Cargo Clauses C.
 
Institute Cargo Clauses A
• Insured Clause: The insurance covers all risks of loss of or damage to the subject-matter insured except those excluded.
• General Average Clause: This insurance covers general average and salvage charges incurred to avoid loss from any cause except those excluded.
• “Both to Blame Collision” Clause: This insurance is extended to indemnify the Insured against such proportion of liability under the contract of affreightment “Both to Blame Collision” Clause as in respect of a loss recoverable hereunder.
 
Institute Cargo Clauses B
•        The insurance covers, except those excluded,
‧  Loss of or damage to the subject-matter insured reasonably attributable to 
-  Fire or explosive
-  Vessel or craft being stranded, grounded, sunk or capsized
-  Overturning or derailment of land conveyance
-  Collision or contact of vessel, craft or conveyance with any external object other than water
-  Discharge of cargo at a port of distress
-  Earthquake, volcanic eruption or lightning
‧  Loss of or damage to the subject matter insured caused by
-  General average sacrifice 
-  Jettison or 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 Clause: This insurance covers general average and salvage charges incurred to avoid loss from any cause except those excluded.
• “Both to Blame Collision” Clause: This insurance is extended to indemnify the Insured against such proportion of liability under the contract of affreightment “Both to Blame Collision” Clause as in respect of a loss recoverable hereunder.
 
Institute Cargo Clauses C
• The insurance covers, except those excluded,
‧  Loss of or damage to the subject matter insured reasonably attributable to 
-  Fire or explosive
-  Vessel or craft being stranded, grounded, sunk or capsized
-  Overturning or derailment of land conveyance
-  Collision or contact of vessel, craft or conveyance with any external object other than water
-  Discharge of cargo at a port of distress
‧  Loss of or damage to the subject matter insured caused by
-  General average sacrifice 
-  Jettison 
• General Average Clause: This insurance covers general average and salvage charges incurred to avoid loss from any cause except those excluded.
• “Both to Blame Collision” Clause: This insurance is extended to indemnify the Insured against such proportion of liability under the contract of affreightment “Both to Blame Collision” Clause as in respect of a loss recoverable hereunder.
  
Summary of Institute Cargo Clauses Coverage
Loss or Damage Caused by: Clause A Clause B Clause C
General Average
Both to Blame Collision
Fire or explosion
Vessel or craft being stranded
Overturning or derailment of land conveyance
Collision or contact of vessel, craft or conveyance with any external object other than water
Discharge of cargo at a port of distress
General average sacrifice
Jettison
Earthquake, volcanic eruption or lightning  
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 of craft  
Theft or Pilferage    
Contamination (own damage)    
Rain &/or fresh water damage    
 
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Terms and Conditions of Marine Cargo Insurance