Marine Cargo Insurance:
Marine cargo insurance provides protection against risks associated with navigation and transportation to which cargo may be lost or damaged during the transit whether by sea, air, or land. Insurers also provide cover for the transport of goods by trucks or railways.
Cover may be provided for individual shipments or under an ongoing contract known as an “open policy”.An open policy is a contract prepared in general terms covering specified goods on terms agreed upon and can be issued to cover goods shipped anywhere in the world on a declaration basis.
Similar to marine cargo insurance, Inland transit insurance covers risks to items whilst being transported on the road and are exposed to loss due to traffic accidents, derailment, natural hazards, robbery, and theft.
There are 2 types of cover afforded under this class of insurance:-
- Inland Transit (All Risks) Clause
Covering against all risks of loss or damage to the insured goods
whilst in transit by road/rail.
- Inland Transit Clause (Lorry Clause)
Covering against loss or damage to the insured goods
whilst in transit by road/rail caused by fire, lightning, breakdown of bridges,
collision, overturning or derailment. Loss as a result of theft is not covered.