Marine cargo insurance
Covers loss of or damage to goods transported by sea or air, including incidental land transport, from a specified starting point to the point of discharge. Single voyage and annual policies are available, depending on how often you ship.
- Open cover
- Cover on a declaration basis for cargo by ship or aircraft. The policy stays open until the limit per vessel or conveyance is used, and you declare each shipment as it happens.
- Time on risk
- Covers goods for a short, specific period, by sea, air or land.
- Voyage cover
- Covers a specific consignment from one place to another, however long the journey takes.
- Mixed cover
- Combines open cover and time on risk, specifying both the voyage and the period.
Institute Cargo Clauses
| Clause | Basis | In practice |
|---|---|---|
| ICC (A) | All risks | The widest cover. Any loss or damage unless specifically excluded. |
| ICC (B) | Named perils | Only the perils listed in the policy. |
| ICC (C) | Named perils | A narrower list of major perils. The most basic cover. |
Marine hull insurance
Covers physical damage to ships, boats, yachts and other vessels, and the liabilities that come with owning and operating them. The sum insured is the market value of the hull, for repair or replacement after a total loss. Cover can extend to the engine, the contents of the vessel and your legal liabilities.
Goods in transit
Covers accidental loss of or damage to goods by fire and allied perils, theft or burglary, or other misfortune while they are carried from one place to another, or loaded and unloaded. Goods can be carried in your own vehicles or in vehicles you hire, and cover includes goods that belong to your business or are in your custody or control.
