Marine Cargo Insurance
Sea transportation has been and still is the most important means of transport of raw materials and goods between the markets around the world. Sea transport is full of natural dangers and manmade risks. Sea trading centers endeavor to ensure the security of shipments by insuring the ship, the goods, and the shipment fees, which is done under the conditions as set by international institutes such as the Institute of London Underwriters. It also covers the loss or damage that may be sustained by sea shipments while in transit subject to the following test.
Group (C) covers the following risks:
Loss of or damage to the subject-matter insured reasonably attributable to:
• Fire and explosion
• Vessel or craft being stranded, grounded, sunk, or capsized
• Overturning or derailment of land conveyance
• Collision or contact of the 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
Group (B) covers the risks of Group (C) in addition to the following:
Loss of or damage to the subject-matter insured reasonably attributable to:
• Earthquakes, volcanic eruptions or lightning
Loss of or damage to the subject matter insured caused by:
• Washing overboard
• Entry of sea, lake or river into the vessel, craft, hold, conveyance, container, trailer or place of storage
• Total loss of any package lost overboard or dropped during the entire loading or unloading of the vessel or craft.
Group (A) covers the risks of Groups (C+B) in addition to the following:
Loss of or damage to the subject-matter insured reasonably attributable to:
• Non- delivery of the cargo in full or partial delivery of shipments
• Maritime piracy and theft, embezzlement, or intentional damage
