What is Marine Cargo insurance?

It is a policy that covers loss or damage to goods transit by sea, air and land.

What it covers

Choose among our three offerings.

  • Institute Cargo Clauses (A) 1.1.82 / 1.1.09
  • Institute Cargo Clauses (B) 1.1.82 / 1.1.09
  • Institute Cargo Clauses (C) 1.1.82 / 1.1.09
     

For an additional premium, you may extend coverage to:

  • War
  • Strikes
Note: Your choice is subject to our approval.

Key coverage

Here is an overview of your coverage.

Institute Cargo Clauses (A) 1.1.82 / 1.1.09

Institute Cargo Clauses (A) 1.1.82 / 1.1.09

Covers all risks of loss of or damage to the goods in the Institute Cargo Clauses (A) except as provided in the exclusions.


Institute Cargo Clauses (B) 1.1.82 / 1.1.09

Institute Cargo Clauses (B) 1.1.82 / 1.1.09

Covers against loss of or damage to the goods attributable to or caused by in the Institute Cargo Clauses (B):

  • Fire or explosion
  • Vessel or craft being stranded grounded sunk or capsized
  • Overturning or derailment of land conveyance
  • Collision or contact of vessel craft or conveyance with any external object other than water
  • Discharge of cargo at port of distress
  • Earthquake volcanic eruption or lightning
  • General average sacrifice
  • Jettison
  • Washing overboard
  • General average and salvage charges
  • Entry of sea, lake or river water into the vessel craft hold conveyance container lift van or place of storage
  • Total loss of any package lost overboard or dropped whilst loading on to, or unloading from vessel or craft


Institute Cargo Clauses (C) 1.1.82 / 1.1.09

Institute Cargo Clauses (C) 1.1.82 / 1.1.09

Covers against loss of or damage to the goods attributable to or caused by in the Institute Cargo Clauses (C):

  • Fire or explosion
  • Vessel or craft being stranded grounded sunk or capsized
  • Overturning or derailment of land conveyance
  • Collision or contact of vessel craft or conveyance with any external object other than water
  • Discharge of cargo at port of distress
  • General average sacrifice
  • Jettison
  • General average and salvage charges

Extensions

Extensions

War as provided in the Institute War Clauses (Cargo) and Strikes as provided in the Institute Strikes Clauses (Cargo) are extensions cover in conjunction with the same shipment.

How much is my premium?

Your premium may vary, depending on

  • The type of cover selected
  • Any additional cover selected
  • The sum insured


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What we don’t cover

Institute Cargo Clauses (A), (B) or (C) 1.1.82

  • Loss damage or expense
    • attributable to willful misconduct of the assured
    • caused by inherent vice or nature of insured items
    • ordinary leakage, ordinary loss in weight or volume,  or ordinary wear & tear of insured items
    • arising from insolvency or financial default of the owners, managers, charterers or operators of the vessel
    • arising from unseaworthiness of vessel or craft, unfitness of vessel , craft, conveyance, container or lift van for the safe carriage of insured items, where the Assured or their servants are privy to such unseaworthiness or unfitness when the insured items are loaded therein. 
    • caused by insufficiency or unsuitability of packing or preparation of the insured items (packing shall be deemed to include stowage in a container or lift an but only when such stowage is carried out prior to attachment of this insurance by the Assured or their servants)
    • proximately caused by delay, even though the delay be caused by a risk insured against
    • arising from the use of any weapon of war or any weapon employing atomic or nuclear fission and/or fusion or other like reaction or radioactive force or matter
  • The Underwriters waive any breach of the implied warranties of seaworthiness of the ship and fitness of the ship to carry the insured items to destination, unless the Assured or their servants are privy to such unseaworthiness or unfitness
  • War and Strikes (normally included by way of the Institute War & Strikes Clause subject to an additional premium)

 

Institute Cargo Clauses (A), (B) or (C) 1.1.09

  • Loss, damage or expense
    • attributable to  willful misconduct of the assured
    • caused by inherent vice or nature of insured items
    • ordinary leakage, ordinary loss in weight or volume, or ordinary wear & tear of insured items
    • caused by insolvency or financial default of owners managers charterers or operators of the vessel where at the time of loading of the insured items on board the vessel, the Assured are aware or in the ordinary course of business should be aware that such insolvency or financial default could prevent the normal prosecution of the voyage. This exclusion does not apply where the contract of insurance has been assigned to the party claiming hereunder who has bought or agreed to buy the insured items in good faith under a binding contract.
    • arising from unseaworthiness or unfitness of vessel or craft  for safe carriage of insured items, and where the Assured are privy to such unseaworthiness or unfitness at the time the insured items are loaded therein.
      Exclusion shall not apply where the contract of insurance has been assigned to the party claiming hereunder who has bought or agreed to buy the insured items in good faith under a binding contract.
    • arising from unfitness of container or conveyance for the safe carriage of  the insured items, where loading therein or thereon is carried out prior to attachment of this insurance or by the Assured or their employees and they are privy to such unfitness at the time of loading.
    • caused by insufficiency or unsuitability of packing or preparation of insured items to withstand ordinary incidents of the insured transit where such packing or preparation is carried out by the Assured or their employees or prior to the attachment of this insurance (packing shall be deemed to include stowage in a container and “employees” shall not include independent contractors)
    • proximately caused by delay, even though the delay is caused by a risk insured against
    • directly or indirectly caused by or arising from the use of any weapon or device employing atomic or nuclear fission and/or fusion or other like reaction or radioactive force or matter
  • The Insurers waive any breach of the implied warranties of seaworthiness of the ship and fitness of the ship to carry the insured items to destination
  • War and Strikes (normally included by way of the Institute War & Strikes Clause subject to additional premium)
Note:
This list is non-exhaustive. Please refer to the sample policy contract for the full list of exclusions under this policy.
Important information

This plan is underwritten by Tokio Marine Insurans (Malaysia) Berhad. All benefits and features mentioned herein are subject to terms and conditions of the policy. It is In your best interest to refer to the Policy Contract for the precise terms and conditions of this insurance plan. The information shown here is for reference only and is accurate as at 30 June 2012.

Note: You should satisfy yourself that this policy will best serve your needs. You should read and understand the insurance policy, and at all times, feel free to contact us for more information.