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Marine Cargo Policy covers goods (machinery, raw materials, finished goods etc) during transit under a contract of affreightment.

What does this Policy cover?

This Policy covers physical loss or damage to insured goods during transits by
  • Sea
  • Post or parcels
  • Rail/Road/Air

The scope of cover shall be determined by the Institute Clauses attached to the Policy.

All Overseas Transits are subject to Institute Cargo Clauses A,B C given by Institute of London Underwiters. The brief coverage is as under:

Risks (Proximate Cause) Institute Cargo Clauses
A (All risk Cover) B (Wider Cover) C (Basic Cover)
Stranding , Grounding, Sinking or Capsizing Yes Yes Yes
Overturning or Derailment of Land Conveyance Yes Yes Yes
Collision of Ship or Craft with another Ship or Craft Yes Yes Yes
Contact of Ship, Craft or Conveyance with anything other than Ship or Craft (excludes Water but not Ice) Yes Yes Yes
Discharge of Cargo at Port of Distress Yes Yes Yes
Loss overboard during Loading/Discharge (total loss only). Yes Yes No
Fire or Explosion Yes Yes Yes
Malicious Damage Yes No* No*
Theft/ Pilferage Yes No No
General Average Sacrifice Yes Yes Yes
Jettison Yes Yes Yes
Washing Overboard (deck cargo) Yes Yes No
War Risks No* No* No*
Seawater entering Ship, Craft, Hold, Conveyance Container Lift Van or Place of Storage Yes Yes No
River or Lake Water entering same * Can be covered on payment of extra premium. Yes Yes No


Goods (merchandise) dispatched by rail or road from any place in India to any place in India (not in conjunction with an overseas voyage) are subject to Inland Transit (Rail/Road) Clause A,B C. The brief coverage is as under:

  • Inland Transit (Rail or Road) Clause - A (All Risks): Covers All Risks of loss or damage subject to listed exclusions
  • Inland Transit (Rail or Road) Clause - B (Basic Cover): Covers Physical loss or damage caused by:
    • Fire, Lightning, Breakage of Bridges
    • Collision with or by the carrying vehicle, derailment or accidents of the like nature to the carrying railway wagon/vehicle
  • Inland Transit (Rail or Road) Clause - C: Covers Physical loss or damage caused by
    • Fire
    • lightning

Optional Extensions

  • For Inland Transits: Strike, Riot and Civil Commotion
  • For Oversea Transit:
    • War, Strike, Riot and Civil Commotion
    • Duty and Increased Value Insurance ( for Imports only)
    • Seller's Interest Insurance ( for Exports with CF or FOB terms only)

Other Salient Features

  • The policy is assignable
  • The Sum is fixed on 'Agreed Value' basis. Normally with a margin of 10% on invoice price for incidental expenses
  • The premium rates depends on factors like nature of cargo, scope of cover, packing, mode of conveyance, distance and past claims experience
  • Policies can be issued for (a) Specific Transit. (b) Marine Open Policy with monthly declarations and (c) Sales Turn Over Policy with quarterly statements

The Policy does not cover the following:

  • Willful misconduct
  • Ordinary leakage/loss in weight or volume , wear and tear
  • Improper packing
  • Inherent vice
  • Delay
  • Insolvency/financial default of carriers
  • War, Strike, Riot and Civil Commotion
Note: The above are only the salient features of the Policy , for complete terms and conditions please refer to Policy Wordings.