Marine Cargo Insurance

This policy provides cover for risks of loss, damage, expense and liability to your goods during transportation as cargo from one place to another place.

The process of transportation includes airfreight, ocean freight and overland carriage. The marine cargo insurance is to indemnify the cargo owners and/or the financiers such as banks against financial loss arising as a result of physical loss, damage, expenses incurred or liability from the transportation process.

Loss can arise from the perils of the sea such as rough weather, sinking, the ports or as a result of overturning, collision of and/or theft from overland transports.

Who Need Ocean Cargo Coverage?

Just about every enterprise that imports or exports raw materials or sells finished products abroad needs ocean cargo insurance. These include:

  • Manufacturers
  • Retailers
  • Wholesalers
  • Importers
  • Exporters
  • Logistics Providers
  • Commodity Traders
  • Customhouse Brokers
  • Freight forwarders
  • Steamship Lines
  • Air Carriers
  • NVOCCs

What is Covered?

The ocean cargo policy automatically covers goods shipped by water or air, depending on the terms of sale, from the warehouse at the point of shipment to the warehouse at the point of destination, including all intermediate transit by rail or truck.

While All Risks coverage is available, the basic ocean cargo policy covers perils of the sea such as stranding, sinking, fire and collision, as well as perils on the sea including heavy weather and theft.

Marine Cargo: is compulsory for importers and can be on Open Cover basis or voyage policy/Single Basis

Voyage Policy

The voyage policy is issued to cover up a specific transit from a particular point to another. The cover ceases upon the carrier reaching the town of destination. In all the policies, the scope of cover can be:

  • Basic cover: described in ICC-C clause.
  • Wider cover: described in ICC-B.
  • All Risks cover: described in ICC-A.
  • All risks cover does not pay all losses.
  • While the basic policy document contains general conditions, the scope of cover and exceptions and special exclusions are attached by separate clauses known as Institute Cargo Clauses (ICC).

Open cover

It is a memorandum of agreement by which the insured will set out the terms of cover and rates of premium for one-year transaction of Marine dispatches. The open cover is not a Policy and it is not negotiable. A Certificate of insurance is issued for each declaration duly stamped for appropriate value and the Certificate will be negotiable.

Cover available under Marine Cargo

  • Institute Cargo Clause A
  • Institute Cargo Clause B
  • Institute Cargo Clause C

In practice two (2) types of cover are commonly used. These are the Institute Cargo Clause A and the Clause C.

CLAUSE C: AKA Port to Port

This is a limited type of cover and cover is meant for loss or damage as a result of: fire, explosion, stranded of the vessel, overturning or derailment, collision, jettisons, discharge of cargo at the port of distress, general average sacrifice.


ICC C + Loss or damage attributed to: Lightning, earthquake, washing overloading, entry of sea, lake or rivers water into the vessel, total loss of any package lost overboard or dropped whilst loading onto or unloading from vessel or craft

CLAUSE A : AKA Warehouse to Warehouse OR Sea Peril + GIT

This is the widest Marine Cargo Insurance

ICC B + Loss or damage attributed to: Assailing thieves, Theft or Pilferage, Taken at sea.

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