Marine Cargo Insurance

• Provides the insured with indemnity for loss of or damage to the goods during transit.
• Includes cover for land tansit commencing from the moment the goods leave the place of storage until they arrive at the final warehouse.

Scope of Cover

• Ther MAR form also contains one of the following International Cargo Clauses (ICC) which specifies the terms and conditions of a Marine Cargo Insurance policy:
  • Institute Cargo Clauses A (ICC A)
  • Institute Cargo Clauses B (ICC B)
  • Institute Cargo Clauses C (ICC C)
• Summary Table of Risks Covered
  • Fire or explosion
  • Vessel/ Craft being standed, grounded, sunk or capsized
  • Overturning or derailment of land conveyance
  • Collision or contact of vessel, craft or conveyance with external object other than water
  • Discharge of cargo at a port of distress
  • Earthquake, volcanic eruption or lightning
  • General Average sacrifice
  • Jettison
  • Washing overboard
  • General Average and salvage charges
  • Entry of sea, lake of river water into vessel, craft, hold, conveyance, container, liftvan or place of storage
  • Total loss of any package lost overboard or dropped whilst loading on to or unloading from vessel/ craft
  • Theft, Pilferages and non-delivery, rough handling/ contamination/ wet-damages, etc...

Why you need for Marine Cargo Insurance

• The movement of raw materials and manufactured goods between countries and the internal movement within the country itself involve credit and cash transaction worth millions of dollars.
• Serious loss or damange to a cargo can create financial difficulties for the buyer, seller or any other party having an interest in the goods.
• Such contingencies need to be protected against, via some form of transportation insurance, essentially Marine Cargo Insurance.

Underwriting Information

• Background of the proposed insured (e.g. insured's company name and address, nature of business, its financial standing and reputation, and previous claims history).
• Nature of the cargo (e.g. whether the cargo gives off or absorbs moisture, susceptibility of the cargo to damage due to rough handling, etc.).
• Details of packaging (e.g. types of packing or packing material to be used, whether goods are crated or packed in cartons or containers).
• Details of the carrying vessel (e.g. its structural form, type, ship's flag, size or tonnage of the vessel).
• Voyage contemplated (e.g. length of voyage, weather conditions of the trading areas, ports of call and ports of discharge, whether any transshipments involved).

Claim Procedure
When the damage or loss discovered, the insured shall:

• Minimise the loss and prevent further losses (make every effort to reduce the loss or take steps to prevent further loss).
• Notify CAMINCO or nominated survey agent (notify CAMINCO or their nominated survey agent so that a survey of the damaged cargo can be arranged promptly).
• File a claim against the carrier (file a claim in writing against the carrier as soon as the loss is known).
• Whatever document was originally issued to substantiate the insurance placed, e.g. the original copy of policy or certificate of insurance.
• Ocean (or air) Bill Of Lading, transshipment Bill Of Lading or railway freight note when applicable.
• Original shipper's invoice
• Packaging list, weight certificates or other evidence of the nature and conditions of the goods at the time of shipment.
• Port Airport Authority's Cargo Irregularity Report or Inward Report.
• Copy of the survey/ joint survey report and original photographs, where applicable
• Repair/ reinstatement invoices
• Original delivery note or other original document of receipt from the forwarder/ transporter.
• Statement of claim to the carriers/ bailees and their replies.