Licentiate Examination - IC 11 - Practice of General Insurance Exam - Important Points
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Marine Cargo Insurance -provides indemnity in respect of loss of or damage to goods during transit by rail, road, sea, air or registered post, within the country as well as abroad. Cargo policies are essentially voyage policies, i.e. they cover the subject matter from one place to another.
the terms and conditions applicable are governed by either; Inland Transit Clause (ITC) A, B or C for inland transit, Institute Cargo Clause (ICC) A, B, or C for voyage by sea, Institute Cargo (Air) Clause ? A for transport by air
Risks covered under a marine policy, under the standard policy form and under the various clauses attached to the policy broadly fall into three categories - Marine perils,Extraneous perils and War, strike riot, civil commotion and terrorism risks
Specific Policy - covers a single shipment. It is valid for the particular voyage or transit.
Open Policy - carriage of goods within the country can be covered. Valid for one year and all consignments during this period have to be declared by the insured on a fortnightly, monthly or quarterly basis. An open policy is described in the marine insurance act as Floating Policy.
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