Marine Cargo Insurance

Marine Insurance is the oldest form of insurance. This class of insurance relates mainly to insurance of Vessels, Cargo and Freigh. It primarily deals with goods in transit by Road/Rail/Ocean/Air/Registered Post/Courier etc. The coverage is generally defined by reference to clauses known as Institute Clauses. The ICC (C), ICC (B), ICC (A) and ICC (Air) Clauses define different levels of coverage against marine risks and the cargo may be covered subject to any one of these clauses.

There are four types of covers:

  • Institute Cargo Clause (C) : Named Peril basis
  • Institute Cargo Clause (B) : Named Peril basis
  • Institute Cargo Clause (A) : offers the widest form of cover under Marine Cargo Insurance in so far as it relates to the perils covered. ICC (A) is an unnamed perils clause.
  • Institute Cargo Clause (Air)

Significant exclusions:

  • This policy does not cover loss or damage due to wilful misconduct, ordinary leakage, improper packing, delay, inherent vice, war, strike, riot and civil commotion.

Sum Insured:

  • This is an agreed value policy. Normally, insurance is taken for CIF+10%


  • Rate depends on factors like nature of cargo, scope of cover, packing, mode of conveyance, distance and past claims experience

Types of policies:

  • The type of policy available is the specific policy to cover single consignment.


  • On payment of additional premium, Insured can opt for certain extensions to the cover provided under the policy. Extensions available are War, Strike, Riot and Civil Commotion and Duty Insurance Cover.