Marine Cargo
Cargo Insurance provides coverage against physical loss or damage to freight/cargo
during the shipment/transport form one point (origin) to another point
(destination) from any external cause during shipping, whether by land, sea or air.
The Risk Area defines the specific type of Marine Insurance
- Ocean Marine (blue water)
- Inter-Island Marine – within the country (brown water)
- Inland Cargo – transport via land
- Air Cargo – transport via air
What are you protected against?
-
Perils of the Seas
- Stranding – forced by some accidental or extra ordinary causes to take
ground and stays aground for some reasonable time
- Foundering – vessel becomes filled with water and sinks
- Shipwreck – vessel driven to shore or against rocks by violent action of
the winds and waves causing destruction or loss of the vessel
- Collision - actual violent contact with another vessel or any stationary
object
- Fires – Direct fire loss or caused by lightning or fire attributable to
negligence. Includes damage done by measure to extinguish the fire (e.g.
water damage)
- Rovers, Pirates and Thieves – Rovers and Pirates are persons who
without legal commission plunder other vessels indiscriminately on the
high seas. Thieves refer to persons who with the use of violence commit
robbery. This does not include ordinary theft or pilferage
-
- Jettison – refers to the throwing of cargo or ship’s gear as a measure to
preserve the ship and cargo from loss in time of common danger
- Barratry – includes every wrongful act willfully committed by the master
or crew to the prejudice of the owner of the ship, or the owner of the
cargo. If the master and crew
-
Extraneous Perils – these perils maybe applied for by the insured depending
on the particular cargo necessitating such special covers, for additional
consideration
- Theft – actual breaking open of cases
- Pilferage – Skillful extraction of parts of the contents of a package
- Non-delivery – when a package or the entire shipment is not delivered to
its final destination
- Fresh water damage – Damage caused by fresh water or rain
- Leakage – loss to liquid cargoes by reason of viscosity
- Breakage – Damage due to rough handling of the cargo
- Sweat Damage – Condensation as a result of changes in temperature
- Mold Damage
- Hole Damage – holes formed in bales goods or sacks causing leakage
-
War Perils
- War, Civil War Revolution, rebellion, insurrection, or civil strife arising
therefrom, or any hostile act by or against a belligerent power
- Capture, Seizure, arrest, restraint, or detailment
- Derelict mines, torpedoes, bombs, or other derelict weapons of war
