Marine Cargo
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This type of cover indemnifies the owner of the goods for the loss or damage sustained by the good shipped whilst in transit from a place of shipment to a destination named in the Contract. Transits may be by approved conveyances by sea, air, land or a combination of all.
Cover:
- Fire and explosion
- Stranding, sinking etc.
- Overturning, derailment (of land conveyance)
- Collision
- Jettison
- General average sacrifice, salvage charges
- Earthquake, lightning
- Washing overboard
- Sea, lake or river water
- Total loss of package lost overboard or dropped in loading or unloading
- War and SRCC unless specifically covered
What is not covered under this contract:
- Wear and tear, depreciation and inherent vice
- Insufficiency or packing
- Insolvency and financial default of ship owners etc.
Types of contracts under this protection:
- Specific Voyage: this covers a Participant for a single voyage or transit. Cover will commence when the voyage starts and ceases upon completion of the voyage
- Open Cover: this usually provides protection for import and export traders. Cover effected for a 12 month period. Individual shipments should be declared for which a certificate is issued.
