This policy provides indemnity for loss or damage to the property insured whilst in transit from the exporter’s country to the importers country, either:-
- From port to port
- From warehouse to warehouse
There are also three classes of cover viz:
- Institute cargo clause ‘A’
- Institute cargo clause ‘B’
- Institute cargo clause ‘C’
The basis of valuation is usually cost plus freight plus insurance.
Covers provided for the conveying vessel, fishing boats, coastal tramps, super tankers, yachts, etc. Indemnity is for any loss damage and liability that may arise from their use. The cover provided is either “All Risks” or total loss only.
Information required to effect the cover:
To provide the cover, the insured will be required to provide information on the following:
- Nature and value of the vessel
- Identification mark of the vessel
- Age of vessel