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Marine Insurance

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Marine Insurance is a protection against the happening of accidental or fortuitous events.

It covers the risk of incidental to transportation of goods by various modes whether by sea or by air or by land.

Marine policies are subject to the Institute Cargo Clauses A, B & C

By Sea Freight

Clause A

Fire & Explosion
Vessel/Craft being Stranded, Grounded sunk or capsized

By Air Freight

Clause A

It covers the cargo against “All Risks”

Clause C

It covers the cargo in case of total loss of the craft

By Land

Land Transit All Risks
Standard Land Transit clause covers only derailment, collision, fire, overturning of truck and earthquake

Extensions to all Marine Institute clauses which can be bought separately

Institute War Clauses

War, Civil War (always on board of vessel)
Capture, seizure, arrest
Derelict weapons of war

Institute Strikes Riots and Civil Commotions (SRCC)