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Marine Class
Marine Cargo Insurance
Marine Cargo Insurance covers the risks that are normally associated
in the transportation of goods from one destination to another. It
covers sea, air and inland transits and includes coastal voyages,
inland waterways, rail, road and postal transits.
Cover can be arranged for different types of policies |
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Voyage Policy:
This type of policy is issued to cover a single voyage/ transit. |
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Open Covers:
An Open Cover provides advance cover where items, rates and
conditions are agreed upon. The maximum value of any one shipment
/ dispatch / transit has to be declared at the time of issue
of the Open Cover. This type of cover is useful for Importers,
Exporters and those who have frequent shipments. |
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Open Policy:
An Open Policy is similar to an Open Cover except that there
is an Estimated Annual Value declared and a deposit premium
is collected on the declared value. |
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Goods - In - Transit Policy:
Goods and merchandise in transit within Sri Lanka can be insured
under this policy which provides cover almost on an “all
risk “ basis for the loss or damage to goods by fire,
accident, theft or pilferage whilst being loaded on, carried
or unloaded from the motor vehicle and whilst temporarily garaged
during transit. |
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Covers granted under Marine Insurance Policies are subject to the following clauses:
1) Institute Cargo Clause (A) or (Air)
This is the most comprehensive cover and includes all risks of loss or damage to the subject matter insured.
2) Institute Cargo Clause (B)
The cover under this clause is for:
i) Loss of or damage to the subject matter insured reasonably attributed to:- |
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Fire Explosion |
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Vessel or a craft being stranded, grounded, sunk,
or capsized. |
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Collision or contact of a vessel craft or conveyance
with any external object other than water |
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Discharge of cargo at a port of distress |
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Earth quake, volcanic eruption or lightning |
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| ii) Loss of or damage to the subject
matter insured caused by: |
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General average scarifies |
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Jettison or washing overboard |
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Entry of sea or river water in to vessel, craft
hold, conveyance, container, lift van or place of storage. |
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Total loss of any package lost overboard or dropped
whilst loading on to or unloading from, vessel or craft. |
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3) Institute Cargo Clause (C)
The cover under this clause is for:
i) Loss of or damage to the subject matter insured reasonably attributed to: |
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Fire Explosion |
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Vessel or craft being stranded, grounded, sunk,
or capsized. |
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Overturning or derailment of land conveyance. |
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Collision or contact of a vessel craft or conveyance
with any external object other than water |
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Discharge of cargo at a port of distress |
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ii) Loss of or damage to the subject
matter insured caused by: |
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General average scarifies |
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Jettison |
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| The main exclusion under the above Institute Clauses are: |
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Willful misconduct of the insured |
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Ordinary leakage |
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Loss of weight |
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Improper packing, inherent vice. |
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Delay insolvency or financial default of the
carrier. |
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Nuclear weapons |
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War, strike, riot and civil commotion. |
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Un seaworthiness of the vessel if this fact is
known to the Insured before sailing of the vessel. |
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Cover for War, Riot and Civil Commotion could be extended by payment
of an additional premium.
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| Click here
to submit a Proposal for Marine Insurance to us. |
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