This type of insurance covers goods while being transported be sea, air, rail or road.
Through Laiki Insurance we offer to importers or exporters of goods the opportunity to cover the transport of their merchandise on the basis of international clauses of insurance cover.
What does the Marine Insurance Policy Cover?
The Policy covers:
- Loss of or damage to goods while being transported caused by any of the Insured Perils. There are three different levels of covers which are described below as Institute Cargo Clause A, B and C, the widest form of cover (All Risks) being ICCA.
Optional cover is offered:
- For loss or damage caused by war
- For loss or damage caused by riot or strike
What does the Marine Insurance Policy exclude?
The policy is subject to certain exclusions, some of which are:
- War, acts of terrorism, loss, damage or liability arising from nuclear weapons material and radioactive contamination.
- Any loss arising from insufficiency, unsuitability of packing.
- Loss or damage approximately cost by delay.
- Loss or damage arising from insolvency or financial default of owners, managers or charterers or operators of vessels.
- Loss or damage due to unseaworthiness of vessel or craft and unfitness of container.
Who can Benefit from the Marine Insurance?
Individuals, importers or exporters of goods or persons engaging in transit trade
Some Advantages of the Marine Insurance
- The cover clauses are international and are valid for most countries
- Cover of technical or constructive total loss
Institute Cargo Clauses (C) – 1.1.82
The Clause covers loss or damage caused by:
- Fire or explosion
- Stranding, grounding, sinking or capsizing of the vessel
- Overturning or derailment of land conveyance.
- Collision or contact of vessel or other conveyance with any external object other than water
- Discharge of cargo at port of distress
- General Average Sacrifice
- Compulsory / voluntary jettison
This insurance is also subject to:
- General Average Clause
- Both to Blame Collision Clause
Institute Cargo Clauses (B) – 1.1.82
The Clause covers loss or damage caused by all of the above perils and also:
- Earthquake, volcanic eruption or lightning
- Entry of sea, lake or river water into the vessel, container or place of storage
- Washing overboard
Also, cover of TOTAL loss of package:
- lost overboard or dropped whilst loading on to or unloading from the vessel
Institute Cargo Clauses (A) – 1.1.82
The Clause covers loss or damage caused by all of the above perils and also any other loss or damage caused by a sudden and unforeseen event (All Risks) which is not specifically excluded.