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Cargo Insurance India

Marine Cargo Policy

Salient Features


� Standard risks of transport

� Exceptional risks of transport (war, strike or similar)

Scope of Cover

When these risks occur, they may result in either total loss or partial losses. Partial losses can be of two types viz. : -

1. Particular Average - The term Particular Average refers to physical damage and loss as well as to any loss in weight or quantity suffered by the insured goods during transit.

2. GENERAL AVERAGE - General Average is a risk specific to marine transport. Therefore, if a vessel is in danger and the only way to prevent the vessel from striking is to throw one persons cargo overboard, then the rest of the cargo owners and the vessel owner will make up the loss to that person in proportion to the value of their goods in relation to the total amount saved.


Extent of Cover Provided

The main coverage provided to cargo in the Indian market are as per the Institute Cargo clauses A B & C. These covers are international in nature.

Duration of Cover

1. The risk attaches from the time the goods leave the warehouse or place of storage at the place named in the policy for commencement of transit and continues during ordinary course of transit.

2. The first possibility of termination is upon delivery to the consignees or other final place of storage. The Policy also terminates at any intermediate point if the goods come into the control of the assured for storage other than in ordinary course of transit, for allocation or for re-distribution. A time limit of 60 days is provided to allow completion the final leg of the transit after discharge from overside the overseas vessel at the final port of discharge.

Summary of the covers provided by the Institute Clauses

Institute Cargo Clauses C. This provides the most restricted coverage and subject to the listed exclusions (which we shall examine later) covers loss or damage to the subject matter insured reasonably attributable to

i. Fire or Explosion
ii. Standing, Grounding, Sinking or Capsizing
iii. Overturning or Derailment
iv. Collision or contact of vessel craft or conveyance with any external objects other than water.
v. Discharge of cargo at point of distress.

The insurance also covers loss or damage to the subject matter insured caused by
vi. General Average
vii. Jettison

To sum up, the C clauses provide major casualty coverage during the land or sea transit and tend to be used for cargoes that are not easily damaged e.g. scrap steel, coal etc.

Institute Cargo Clauses B this is the next step up which includes all cover under C and also loss of or damage to the subject matter insured reasonably attributable to :

i. Earthquake, volcanic eruption or lightning and
ii. water damage by entry of sea/river water ( excluding rainwater)
iii. total loss of package lost overboard
iv. total loss of package dropped during loading and unloading.

These are significant additional coverages. Wet damage from sea, lake or river water and accidents in loading and discharge are covered, but there is no coverage for theft, shortage and non-delivery.

Institute Cargo Clauses A is the next option. This option is the widest of all three and is generally summed up as All Risks of loss or damage to the subject matter insured This words All Risks have been the subject of careful examination in legal cases over the years and should be understood, in the context of the A Clause to cover fortuitous loss but not loss that occurs inevitably.

Cover includes everything under both B & C and also

- Breakage
- Scratching, Chipping, Denting & Bruising
- Theft
- Malicious Damage
- Non Delivery
- All water damage including rain damage.


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