Why do we need Cargo Insurance…? Marine Insurance is optional depending cargo owner’s attitude to risk. Freight forwarders do not ensure your shipment automatically, but depending on the nature of your goods and value, your freight company should be able to arrange full cargo insurance on your behalf.
- C Clause Risks covered
loss of or damage to the subject-matter insured reasonably attributable to fire or explosion
vessel or craft being stranded grounded sunk or capsized
overturning or derailment of land conveyance
collision or contact of vessel craft or conveyance with any external object other than water
discharge of cargo at a port of distress
loss of or damage to the subject-matter insured caused by
general average sacrifice
Jettison
- B Clause Risks covered
Clause C term plus below
loss of or damage to the subject-matter insured caused by
general average sacrifice
jettison or washing overboard
entry of sea lake or river water into vessel craft hold conveyance container or place of storage
total loss of any package lost overboard or dropped whilst loading on to, or unloading from, vessel or craft.
- A Clause Risks covered
All risks are covered. Please do remember that “All risks” are not “All Risks” in that there has to have been a happening. Something has to have happened which is NOT EXPECTED. All the clauses covers general average plus “Both to Blame” collisions.
They also have exclusions which are clearly spelt out in clauses 4, 5, 6 and 7 in the clauses.
Only A Clauses covers piracy.
