Marine Cargo Insurance - type of goods may range from diamonds to household goods, bulk items like cement, grains, over dimensional cargoes for projects etc.
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.
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