Marine Cargo | Universal Insurance Plc.

Marine Cargo Insurance

Marine Cargo Insurance provides indemnity against losses to goods being imported either by sea or by air.

The cover can be arranged on a Single Shipment or as an Open cover for all shipments, in any one –year. It can also be arranged to cover either total losses or partial losses. (i.e. Institute Cargo Clause A and C). The premium rate will depend on the type of goods in question and the volume of importation in any one year.

Exclusions

The exclusions associated to this class of insurance are expressly contained in Institute cargo clauses (ICC).

The exclusions are contained under sections 4–7 of ICC (i.e. institute cargo clauses).

Loss, damage expense attributable to willful misconduct of the Assured.
Ordinary leakage, ordinary loss in weight or volume or ordinary wear and tear of the subject matter insured.
Loss, damage or expense caused by inherent vice or nature of the subject matter insured.
Loss damage or expense caused by insufficiency or unsuitability of packing or preparation of subject matter insured to withstand the ordinary incidents of the insured transit where such packing or preparation is carried out by the Assured or their employees or prior to the attachment of this insurance.