covers loss or damage to goods whilst in transit by road, rail, air and sea from one place to another and anywhere in the world.
Type of coverage:
1. Shipment by vessel: coverage is on the basis of Institute Cargo Clauses (A), (B) and (C) including:
- Breakage
- Jettison or washing overboard
- Discharge of cargo at port of distress
- Fire or explosions
- Stranding, grounding, sinking or capsizing
- Overturning or derailment
- Collision or contact of vessel craft or conveyance with any external object other than water
- General average sacrifice
- Earthquake, volcanic eruption or lightning
- Water damage by entry of sea/river water
- Total loss of package lost overboard
- Total loss of package dropped during loading and unloading
2. Inland Transit
It covers loss of or damage to the interest insured occasioned by the conveyance being on fire, derailed, overturn or in collision, struck by lightning or other accidents to the vehicle such as involuntarily leaving the road, breakdown of bridges and consequent damage to the conveyance etc.
3. Sending by Air
It covers loss of or damage to the subject-matter insured caused by:
- War civil war revolution rebellion insurrection, or civil strife arising therefore, or any hostile act by or against a belligerent power
- Captures seizure arrest restraint or detainment and consequences thereof or any attempt threat.
- Derelict mines torpedoes bomb or other derelict weapons of war.
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