Marine Cargo Insurance provides indemnity against losses to goods being imported either by sea or by air.
The cover can be arranged on a Single Shipment or as an Open cover for all shipments, in any one –year. It can also be arranged to cover either total losses or partial losses. (i.e. Institute Cargo Clause A and C). The premium rate will depend on the type of goods in question and the volume of importation in any one year.
The exclusions associated to this class of insurance are expressly contained in Institute cargo clauses (ICC).
The exclusions are contained under sections 4–7 of ICC (i.e. institute cargo clauses).