Cargo Insurance Policy
2. What’s Covered
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.
