Marine Cargo Insurance
You may ensure your shipments (i.e., cargo) on an individual basis or have an “open cover” which covers all your business’s shipments on an annual basis.
There are three levels of cover:
ICC- Means institute cargo clause
Basic (ICC C)- Intermediate (ICC B)
- Comprehensive (Also Known As “All Risks”, ICC A)
Typical scope of marine cargo insurance
- Accidental loss or damage to goods during transit
- Collision, overturning of carrying vehicles
- War, riots, strikes and civil commotion
- Natural perils
- Fire
- Theft & pilferage
