Marine Insurance
Marine insurance is designed to protect goods and cargo during transit, whether by land, sea, or air. It provides financial coverage against loss or damage caused by unforeseen events such as accidents, natural disasters, or theft.
The most used marine insurance conditions are the Institute Cargo Clauses (ICC), which include:
- Institute Cargo Clauses “A” (1/1/82):
Provides the broadest coverage, protecting against all risks of loss or damage except those specifically excluded. - Institute Cargo Clauses “B” (1/1/82):
Offers intermediate coverage, including damage from fire, sinking, collision, and natural disasters, but excludes certain risks like theft or piracy. - Institute Cargo Clauses “C” (1/1/82):
Provides the most limited coverage, protecting only against major risks like fire, explosion, and vessel sinking.
- Institute Cargo Clause (Air):
Specifically designed for goods transported by air, covering risks such as theft, damage, and loss during transit.
Extended Coverage Options
For additional premiums, marine insurance policies can be extended to cover specific risks, such as:
- Institute War Clauses (1/1/82): Covers losses due to war, civil war, or related risks.
- Institute Strikes Clauses (1/1/82): Covers losses caused by strikes, riots, or civil commotion.
