OUR MARINE INSURANCE POLICIES

The policy promises to indemnify the insured for loss, or damage to the subject matter insured and caused by the perils of the seas or waves or other navigable waters, fire, piracy; earthquake; volcanic eruption or lightning; contact with dock or harbour equipment or installation; land conveyance; aircraft or similar objects or objects falling there from; accidents in loading, discharging or moving stores, gear, equipment or fuel, explosion.

Institute Cargo Clauses :

This cover is provided for loss of or damage to the cargo due to

• Fire or explosion
• Stranding, grounding, sinking of the vessel or craft
• Over turning or derailment of vehicle
• Collision or contact of vessel or conveyance with an external object
• Discharge of cargo at port of distress
• General Average and Salvage charges
• Jettisoning.

Institute Cargo Clauses:

In addition to the losses covered under clause (C) this policy also covers the losses caused by the following perils:

• Earthquake, volcanic, eruption or lightning;
• Washing overboard;
• Sling loss i.e. total of any package lost or dropped during loading or unloading
• Entry of sea, lake or river water

Institute Cargo Clauses

The cover provided is on All Risk and thus covers all physical loss or damage to the insured cargo except those specifically excluded under the General Exclusion Clause described below.

General Exclusion Clause:

The covers described above are subject to following general exclusions. However, the exclusion No.(viii) does not apply to cover granted under ICC (A) which covers Malicious Damage to the insured property.

Exclusions:

• Loss or damage due to willful conduct of the assured;
• Ordinary leakage, breakage, wear and tear and loss in weight / volume.
• Insufficiency in packing.
• Inherent vice.
• Delays.
• Loss due to financial default or insolvency of the vessel owners, charterers or operators;
• Nuclear perils;
• Malicious damage.