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Marine Cargo and Hull Risks: 

Marine Insurance:

  • The oldest branch of insurance Comprises:
    • Hull Insurance.
    • Cargo Insurance.

Hull Insurance

  • Concerns the insurance of ships.
  • Hull, machinery etc.

Cargo Insurance

  • Marine Cargo Insurance transit by Steamer or Powered Vessel
  • Marine Cargo Insurance transit by Rail/Lorry/Truck
  • Marine Cargo Insurance transit by Inland Rail or Road
  • Marine Cargo Insurance transit by Inland Cargoes (water borne)
  • Marine Cargo Insurance transit by Air Cargo
  • Plays an important role in domestic trade as well as international trade.
  • Provides insurance cover in respect of loss of or damage to goods during transit by –rail, -road –sea –air

Institute Cargo Clauses (C)

  • Fire or explosion.
  • Vessel or craft being stranded, grounded, sunk or capsized.
  • Overturning or derailment of land conveyance.
  • Collision or contract of vessel, craft or conveyance with any external object other than water.
  • Discharge of cargo at a port of distress.
  • General average sacrifice.
  • Jettison.

Institute Cargo Clause (B)

  • Provides cover under ICC ( C )
  • Additional risk
  1. a) Earthquake, volcanic eruption or lightning.
    b) Washing overboard.
    c) Entry of sea, lake or river water into vessel.
    d) Total loss of any package lost overboard or dropped whilst loading or unloading from vessel.

Extraneous Risks: Can be added on payment of extra premium to ICC (B):

  1. a) Theft, pilferage and / or non-delivery.
    b) Fresh water and rainwater damage.
    c) Hook and / or oil damage.
    d) Heating and sweating.
    e) Damage by mud, acid and other extraneous substances.
    f) Breakage.
    g) Leakage.
    h) Busting / tearing of bags.

Institute Cargo Clause (A)

  • Provide cover for all risks of loss or damage.
  • All risks means losses which are caused by accidental circumstances.
  • Under ICC (C) and (B) the risks covered are specified.


  • Loss caused by willful misconduct of the insured.
  • Ordinary leakage, ordinary loss in weight or volume or ordinary wear and tear.
  • Loss caused by inherent vice or nature of the subject matter.
  • Loss caused by delay.
  • Loss arising from insolvency or financial default of owners of the vessel.
  • Loss or damage due to inadequate packing.
  • War, riot, strike, lock-out, civil commotions and terrorism.
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