Best Assurance’s Marine Insurance provides for loss or damage to insured cargo i.e. goods on board as well as the hull or the vessel itself as a result of an insured peril.
To expand on this, the Marine Cargo policy provides indemnity to the insured for accidental damage or loss to the insured property as a result of insured perils such as storm, jettison, fire, seawater damage, etc. Shipment can be either by sea or by air.
There are mainly three clauses in marine insurance business:
Institute Cargo Clause “C”
The Institute Cargo Clause “C” gives the least cover in marine insurance. The perils that are covered are Fire and explosion, Vessel being stranded or capsized, Impact damage, Discharge of cargo at a port of distress, General average sacrifice and Jettison.
Institute Cargo Clause “B”
This clause (cover) gives a wider maritime cover than the clause “C”. In addition to the cover granted under the ICC “C”, the following perils are covered under the ICC “B”: Earthquake, volcanic eruption and lightning, Washing overboard by sea water or wind, Entry of sea, lake or river water into the vessel causing damage to the goods, Total loss of package overboard or dropped into the sea while loading or unloading from the vessel
Institute Cargo Clause “A”
This clause is comprehensive in nature and thus covers “All Maritime Risks”. It covers virtually every peril except the specified excluded perils.
This policy ensures that your goods are covered for any accidental damage or theft that could take place whilst in transit within a specific geographic region.