What is Marine Cargo Insurance?

It is a policy that provides you with indemnity & financial protection for loss of or damage to your cargo during transit

This constitutes of goods in transit by:

  • Sea, air and land
  • As provided in the Institute Cargo Clause 

It is ideal for:

  • Importers/exporters
  • Logistic companies on behalf of their customers
  • Freight forwarders on behalf of their customers
  • Manufacturers
  • Other buyers and sellers engaged in international and/or local trade

Key coverage

Here is an overview of your coverage

Scope of risk coverage

Scope of risk coverage

Institute Cargo Clauses A (ICC A)

  • Theft, pilferage and non-delivery
  • Rough handling
  • Piracy
  • Perils covered under ICC B & ICC C
     

Institute Cargo Clauses B (ICC B)

  • Washing overboard. Entry of sea, lake or river water into vessel, craft, hold, conveyance,  container, lift van or place of storage
  • Earthquake, volcanic eruption or lightning
  • Total loss of package lost overboard or dropped whilst loading on to or unloading from vessel or craft 
  • Perils covered under ICC C
     

Institute Cargo Clauses C (ICC C)

  • Fire or explosion
  • Vessel/craft being stranded, grounded, sunk or capsized
  • Overturning or derailment of land conveyance
  • Collision or contact of vessel, craft or conveyance with external object other than water
     

Local delivery by land

  • Fire or explosion
  • Overturning or derailment of land conveyance
  • Collision or contact of conveyance with any external object 

Type of policies

Type of policies

  • Single voyage
    Most common type of policy and it covers from cargo when it travels from one place to another place (within one location) and for each individual voyage.
     
  • Marine open cover
    A marine cargo open policy is the agreement between the insured and the insurance company to insure all cargoes in transit falling within that agreement for an indefinite period, until the agreement is cancelled by either policy.
     
  • Annual policy
    An annual policy is to cover risks for a period of time, usually one year and all the shipments should fall within the terms/conditions of the policy.

How much is my premium?

Your premium may vary depending on our underwriting requirements.

Download our proposal form under the Product Literature.

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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 Aassured
    • Caused by inherent vice or nature of insured items
    • Ordinary leakage, loss in weight or volume, and 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
    • Arising from unfitness of vessel craft, conveyance, container or lift van for 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 van 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 subject matter insured to destination.
    • This does not apply to 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, loss in weight or volume, and wear & tear of insured items
    • Insolvency or financial default of owners managers charterers or operators of the vessel where at the time of loading of the subject matter insured 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.^
    • 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^^
    • 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.
    • 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 subject-matter insured 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.

^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 subject matter insured in good faith under a binding contract
^^Exclusion shall not apply where the contract of insurance bas been assigned to the party claiming hereunder who has bought or agreed to buy the subject-matter insured in good faith under a binding contract
Important information

This insurance is underwritten by Tokio Marine Insurance Singapore Ltd. All benefits and features mentioned here are subject to the terms and conditions of the policy. Please refer to the policy contract for the precise terms and conditions of this insurance plan. The information shown here is for reference only.