<h1><strong>Marine Insurance:</strong></h1>

<ul>
	<li>The oldest branch of insurance Comprises:
	<ul>
		<li><strong>Hull Insurance.</strong></li>
		<li><strong>Cargo Insurance.</strong></li>
	</ul>
	</li>
</ul>

<p><strong><u>Hull Insurance</u></strong></p>

<ul>
	<li>Concerns the insurance of ships.</li>
	<li>Hull, machinery etc.</li>
</ul>

<p><strong><u>Cargo Insurance</u></strong></p>

<ul>
	<li>Marine Cargo Insurance transit by Steamer or Powered Vessel</li>
	<li>Marine Cargo Insurance transit by Rail/Lorry/Truck</li>
	<li>Marine Cargo Insurance transit by Inland Rail or Road</li>
	<li>Marine Cargo Insurance transit by Inland Cargoes (water borne)</li>
	<li>Marine Cargo Insurance transit by Air Cargo</li>
	<li>Plays an important role in domestic trade as well as international trade.</li>
	<li>Provides insurance cover in respect of loss of or damage to goods during transit by &ndash;rail, -road &ndash;sea &ndash;air</li>
</ul>

<p><strong><u>Institute Cargo Clauses (C)</u></strong></p>

<ul>
	<li>Fire or explosion.</li>
	<li>Vessel or craft being stranded, grounded, sunk or capsized.</li>
	<li>Overturning or derailment of land conveyance.</li>
	<li>Collision or contract of vessel, craft or conveyance with any external object other than water.</li>
	<li>Discharge of cargo at a port of distress.</li>
	<li>General average sacrifice.</li>
	<li>Jettison.</li>
</ul>

<p><strong><u>Institute Cargo Clause (B)</u></strong></p>

<ul>
	<li>Provides cover under ICC ( C )</li>
	<li>Additional risk</li>
</ul>

<ol>
	<li>a) Earthquake, volcanic eruption or lightning.<br />
	b) Washing overboard.<br />
	c) Entry of sea, lake or river water into vessel.<br />
	d) Total loss of any package lost overboard or dropped whilst loading or unloading from vessel.</li>
</ol>

<p><strong><u>Extraneous Risks: Can be added on payment of extra premium to ICC (B):</u></strong></p>

<ol>
	<li>a) Theft, pilferage and / or non-delivery.<br />
	b) Fresh water and rainwater damage.<br />
	c) Hook and / or oil damage.<br />
	d) Heating and sweating.<br />
	e) Damage by mud, acid and other extraneous substances.<br />
	f) Breakage.<br />
	g) Leakage.<br />
	h) Busting / tearing of bags.</li>
</ol>

<p><strong><u>Institute Cargo Clause (A)</u></strong></p>

<ul>
	<li>Provide cover for all risks of loss or damage.</li>
	<li>All risks means losses which are caused by accidental circumstances.</li>
	<li>Under ICC (C) and (B) the risks covered are specified.</li>
</ul>

<p><strong>Exclusions</strong></p>

<ul>
	<li>Loss caused by willful misconduct of the insured.</li>
	<li>Ordinary leakage, ordinary loss in weight or volume or ordinary wear and tear.</li>
	<li>Loss caused by inherent vice or nature of the subject matter.</li>
	<li>Loss caused by delay.</li>
	<li>Loss arising from insolvency or financial default of owners of the vessel.</li>
	<li>Loss or damage due to inadequate packing.</li>
	<li>War, riot, strike, lock-out, civil commotions and terrorism.</li>
</ul>