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Marine Cargo Insurance

Scope of cover
• Is a transit risk policy covering movement of cargo from a specified point to a point of discharge. The perils    covered under marine are divided into three categories;
   • Marine perils
   • War & Strike, Riot and Civil Commotion Perils
   • Extraneous Perils
• Marine perils include perils of sea e.g. Fire, explosion and jettison, Storm, Collision, Sinking, contact with object    fixed or floating.
• Extraneous perils refer to pilferage, non-delivery, rainwater damage, hook damage, oil damage, heating, breaking    and denting

Why and who should cover the goods
• Required by contracts of international trade in goods (cargo)
• Requirement for Customs clearance for imports/export trade
• Contract of sale guides who buys the insurance

Can be arranged in two ways
• Open covers
• Specific policies

Underwriting considerations
• Nature of the cargo carried
• Mode of conveyance i.e. inland
• Geographical area covered
• The voyage
• Nature of Packing
• Tran-shipment

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