Working closely with various insurers, we can design a tailor-made insurance solution to cover all areas of your business exposures.
Most Cargo insurance policies include the globally accepted 'Institute Cargo Clauses' (ICC).
There are three basic sets of clauses:-
- ICC (A) Covers "all risks" of loss or damage to the subject matter insured,
subject to specific exclusions as below.
- ICC (B) Provides more limited cover on a 'named' perils basis.
- ICC (C) Provides a similar cover to the B Clauses above, but restricted to fewer
catastrophe type perils.
There are similar clauses applying for transit by air which are subject to the same standard exclusions.
Click here for a summary of cover of the Institute Cargo Clauses
Exclusions
The Institute Cargo Clauses A,B and C contain a list of exclusions which are common to all three. I n general terms they relate to:
- Wilful misconduct of the assured.
- Ordinary leakage or loss in weight or volume, and ordinary wear and tear.
- Insufficient or unsuitable packing.
- Inherent vice.
- Delay.
- Insolvency of Shipowners or Charterers.
- Nuclear or radioactive weapons.
- Unseaworthiness of vessels or containers.
- War and Strikes risks.*
In addition to the above exclusions the Institute Cargo Clauses Band C also contain an exclusion relating to malicious damage.
* Cover for War and Strikes can be bought separately; at standard London Market rates & terms
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