Cargo Insurance - What's Covered
Cargo Insurance Policy
Coverage Options
Most Cargo Insurance across the globe is underwritten using the Institute Cargo Clauses (ICC). At IronRock we use the most recently issued (01/01/2009) Marine Cargo Insurance clauses.*
For goods transported by sea, road, or rail:
For goods transported by air:
Coverage can also be added for War and Strikes risks:
*You can click on the links to see each clauses’ wording – they are surprisingly short and easy to understand.
ABC’s of Cargo Insurance
The below table outlines the cover under each Clause:
ICC
(A) & (Air)
(B)
(C)
Stranding, Grounding, Sinking, or Capsizing
Overturning or Derailment of Land Conveyance
Collision of Ship/Craft with another Ship/Craft
Contact of Ship/Craft/Conveyance with anything other than Ship/Craft (excludes water but not ice)
Discharge of Cargo at Port of Distress
General Average Sacrifice/Jettison
Fire or Explosion
Earthquake, Volcanic Eruption, or Lightning
Washing Overboard (on deck cargo)
Seawater entering Vessel/Craft/Hold/Conveyance/Container/Lift Van/Place of Storage
Loss overboard during Loading/Unloading (total loss only)
Theft / Pilferage / Malicious Damage
All other risks of physical loss or damage not specified (but not excluded)
Piracy
War Risks (except piracy)✝
Strikes Risks✝
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
–
–
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
✓
– *
–
–
–
–
✓
✓
✓
✓
✓
✓
✓
–
–
–
–
– *
–
–
–
–
* Can be bought back at an additional premium.
✝Can be covered if the appropriate Institute War & Strikes clauses are requested.
