This is the Insurance Policy (Marine Insurance), which covers loss or damage to goods during their transport by air, land and sea, from the insured risks. The insured risks are offered as coverage packages (Coverage Clauses), internationally known as “Institute Cargo Clauses A, B, C”.

Basic Coverage
The basic coverage of the Insurance Policy includes:

• Loss or Damage to goods during transfer, as a consequence of perils insured under Cargo Clauses A,B and C.

Institute Cargo Clauses C covers:

• Fire or explosion.
• Mooring, impact, sinking or capsizing of the vessel.
• Overturning or derailment of land conveyance.
• Collision or contact of a ship or other means of transport with an external object other than water.
• Discharge of cargo at port of distress.
• General average sacrifice.
• Compulsory / voluntary jettison.
• General breakdown expenses.
• Both to Blame Collision Clause.

Institute Cargo Clauses B covers:

• All of the mentioned above perils.
• Earthquake, volcanic eruption, lightning.
• Sea, lake or river water leak into the vessel, container or place of storage.
• Washing overboard.
• Total loss of parcel is also covered, due to its loss overboard or in case it dropped whilst loaded on to or unloaded from the vessel.

Institute Cargo Clauses A covers:

• Covers loss or damage caused by all of the mentioned above perils.
• Any other loss or damage resulting from a sudden and unforeseeable event that is not specifically excluded.

Optional coverages:

• Loss or damage as a result of war.
• Loss or damage as a result of strike.

Exceptions:
The Policy is subject to exclusions, some of which are:

• War risks.
• Terrorist acts.
• Nuclear radiation, environmental pollution.
• Unsuitable packaging or inappropriate stacking in a container.
• Loss or damage as a result of delay.
• Loss or damage arising from insolvency or financial default of owners, managers or charterers of vessels.
• Loss or damage due to the unsuitability of the ship or container.