Did You Know? Marine Cargo - Period of Insurance Marine Cargo

Do you know when your Marine Cargo Policy in force and when it is terminated?

Marine Cargo Policy is a voyage policy that guarantees the object of coverage while during transportation from one place to another. Based on Institute Cargo Clause (ICC) 2009, the start and end of the insurance period are stated in Article 8, Transit Clause as here under:

8.8.1: This insurance attaches from the time the subject-matter insured is first moved in the warehouse or at the place of storage (at the place named in the contract of insurance) for the purpose of the immediate loading into or onto the carrying vehicle or other conveyance for the commencement of transit, continues during the ordinary course of transit and terminates either:

8.1.1: On completion of unloading from the carrying vehicle or other conveyance in or at the final warehouse or place of storage at the destination named in the contract of insurance,

8.1.2: On completion of unloading from the carrying vehicle or other conveyance in or at any other warehouse or place of storage, whether prior to or at the destination named in the contract of insurance, which the Assured or their employees elect to use either for storage other than in the ordinary course of transit or for allocation or distribution, or

8.1.3: When the Assured or their employees elect to use any carrying vehicle or other conveyance or any container for storage other than in the ordinary course of transit or,

8.1.4: On the expiry of 60 days after completion of discharge overside of the subject-matter insured from the oversea vessel at the final port of discharge,

whichever shall first occur.

Subsequently, for your convienent, kindly review your policy to ensure that the coverage provided is suitable with your need. Shall there is any changes required on the information of your personal details, scope of coverage, or you need other information or clarification about term and condition of your policy, please feel free to contact us at 021 - 2523110 and we would be pleased to assists you.

We do hope the above information can help you to understand more about Marine Cargo Policy and enrich your knowledge.