Goods or commodities during transit are vulnerable and susceptible to loss or damage due to various causes, such as breakage, moisture, water damage, shortages, short landing, theft, pilferage and Non-delivery.

Marine Cargo Insurance provides protection for goods being transported by ocean, air or land (rail or road) or in any combination thereof; covering you for physical loss or damage that results from an insured peril.

Marine cargo insurance policies are transferrable because during transportation, ownership of the goods may change from one person to another.

Any person who has an insurable interest in a shipment, and who would suffer a financial loss should the cargo be damaged or destroyed, or would benefit from the safe arrival of the cargo, has a need for Marine Cargo Insurance.

This includes: 

• Importers and Exporters
• Suppliers, Processors and Distributors
• Manufacturers
• Commodity Traders
• Customs Brokers
• Banks
• Wholesalers & Retailers
• Logistics & Project Managers
• Airfreight Carriers
• Importers & Exporters
• Freight Forwarders
• Multi-national Companies
• Warehouse men
• Trucking companies
• Couriers
• Logistics management firms

The cover can be arranged on an individual transit basis or, if regular shipments are involved, on an ‘open cover’ basis.

Risks covered

A standard set of “Institute Clauses" is normally used to cover 'general cargo' which includes manufactured goods, machinery, hardware and most consumer goods.

Coverage is subject to Institute Cargo Clauses A, B, & C, as well as Inland Transit clauses which cover risks during transportation over land. There are some other specialized covers for specific commodities, which are tailored to the specific trade. These clauses are known as the 'Trade Clauses'.

ICC (A) Cargo clause provides a comprehensive all risk cover for partial or total loss of cargo from insured perils.

ICC (B) Cargo clause covers

• Partial or total loss of cargo caused due to accidental damage to the sea, air or land carrying vessel.
• Damage to cargo from lightning, earthquakes, volcanic eruptions, washing overboard and entry of sea / lake / river water into the vessel.
• Total loss of any package lost overboard or dropped whilst loading on to, or unloading from vessel.

ICC (C) Cargo clause provides a very basic cover for partial or total loss of cargo caused due to an accidental damage to the sea, air or land carrying vessel.

All risk land transit clause covers shipments by land on a comprehensive all risk basis for partial or total loss of cargo from insured perils.

Basic land transit covers shipments by land for partial or total loss of cargo caused due to an accidental damage to the land-carrying vessel.

Extensions available

• Coverage for Strike, Riots and Civil Commotion
• War risk

Major Exclusions

• Mysterious disappearance
• Unexplained losses
• All standard clauses have specific exclusions.

Deductible

A monetary deductible is applicable depending upon the type and nature of cargo.

Basis of Sum Insured

The value of the item insured is the agreed value which in most cases will be CIF (carriage insurance & freight) and/or C&F (carriage & freight) plus 10% or FOB (freight on board) plus 10% to 20%.

For more information, please contact Nasco Gulf at +971 4 351 8610.

Premium Rates

Premium rates are based on:

• Type of cover
• Nature of the goods
• Type of packing
• Value of the goods
• Mode of transport
• Geographical area involved
• Policy deductible

Important Information

Please note that for the easy understanding of the insurance policy, we have highlighted the important aspects. We will be glad to receive your queries and discuss the full set of policy terms, conditions and exclusions.

For more information, please contact Nasco Gulf at +971 4 351 8610.