Business today knows no boundaries. We have an access to products and services across borders as countries continue to globalize. However the farther our goods travel the more risk they are exposed to. This policy compensates for losses of goods in transit.
The following table contains the types of coverage offered. All overseas transits are subjected to Institute Cargo Clauses, given by Lloyds Underwriter and Technical Committee, London. The brief coverage is :-
Risks |
Institute Cargo Clauses |
||
|---|---|---|---|
(Proximate Cause) |
A |
B |
C |
| Stranding , Grounding, Sinking or Capsizing | Yes | Yes | Yes |
| Overturning or Derailment of Land Conveyance | Yes | Yes | Yes |
| Collision of Ship or Craft with another Ship or Craft | Yes | Yes | Yes |
| Contact of Ship, Craft or Conveyance with anything other than Ship or Craft (excludes Water but not Ice) | Yes | Yes | Yes |
| Discharge of Cargo at Port of Distress | Yes | Yes | Yes |
| Loss overboard during Loading/Discharge (total loss only). | N/A | Yes | No |
| Fire or Explosion | Yes | Yes | Yes |
| Malicious Damage | Yes | No* | No* |
| Theft / Pilferage | Yes | No | No |
| General Average Sacrifice | Yes | Yes | Yes |
| Jettison | Yes | Yes | Yes |
| Washing Overboard (deck cargo) | Yes | Yes | No |
| War Risks | No* | No* | No* |
| Seawater entering Ship, Craft, Hold, Conveyance Container Lift Van or Place of Storage | Yes | Yes | No |
| River or Lake Water entering same | Yes | Yes | No |
| * Can be bought back | |||
