Cargo

Provides coverage against any loss and/or damage to the cargo.

Overview
Provides coverage against any loss and/or damage to the cargo caused by various kinds of risks during transit for export/import (by sea and air), inter island, and inland.

Coverage's

Basic Coverages

  1. Institute Cargo Clauses (A) 1/1/09
    This insurance covers all risks of loss of or damage to the subject-matter insured except as excluded by the exclusions be stranded, sunk, burnt or collided.

  2. Institute Cargo Clauses (B) 1/1/09
    Covers loss of or damage to cargo due to perils mentioned under ICC (C) 1/1/09 condition and also caused by washing overboard, earthquake, volcanic eruption, lightning, jettison, and general average.

  3. Institute Cargo Clauses (C) 1/1/09
    Covers loss of or damage to cargo caused by accident of the vessel or craft like stranded, grounded, sunk, capsized, burnt or collided and overturning and derailment of land conveyance.

Extended Coverages

  1. War Risks 

    Institute War Clauses (Cargo) 1/1/09 cover physical losses or damages caused by war, civil war, rebellion, revolution, insurrection, or civil strife arising therefrom, any hostile act by or against a belligerent power, capture, seizure, arrest, restraint or detainment, derelict mines, torpedoes, bombs or other derelict weapons of war, general average or salvage charges incurred to avoid a war peril.

    Coverage against war risks can only be provided for overseas voyages, both by sea-going vessel (excluding inland transit)

  2. Strikes Risks 

Institute Strikes Clauses (Cargo) 1/1/09 cover physical losses or damages caused by strikers, locked-out workmen, persons taking part in labor disturbances, riots and civil commotions, any terrorist or any persons acting with a political motive, general average and salvage charges incurred to avoid loss from an insured peril.

Note : The premium rate for War and Strikes is to follow the standard rate from The War Risks Rating Committee Cargo & Air, London (subject to changes any time).

Exclusions

  1. Willful misconduct of the Assured
  2. Inherent vice of nature of the goods insured
  3. Insufficient packing
  4. Ordinary loss
  5. Delay