Marine Cargo Insurance

1. Institute Clauses

1.1. F.P.A Clause and Average Clause

1.2. Free of particular Average

1.3. All risks clause

1.4. Covers all risks, loss or damage

1.5. Transit Clause

1.6. Extends the policy to provide this necessary cover, the risk does not attach until the goods leave the warehouse, or place of storage

2. Trading Clauses

2.1. Corn Trade F.P.A Clauses

2.2. Same period of cover in a simple wording

2.3. Flour "All risks cover"

2.4. cover from the "time flour leaves mill or shippers warehouse at place named in policy, until delivered to consignees".

2.5. Jute Clauses

2.6. "From the time the goods are loaded on board the overseas vessel at port of shipment to commerce transit, until is is discharged overside".

2.7. Rubber Clauses

2.8. "From time goods leave warehouse or place of storage at port of shipment and until delivered to warehouse or place of storage of destination".

3. FORMS OF CARGO POLICIES

4. One of the most important and vital branch of insurance, and is considered an indispensable aid to international trade

4.1. The S.G Policy Form

4.2. Perils covered by the insurance are those set out in the S.G form, which mas be varied by attached, typed or handwritten clauses.

4.2.1. The Assignment Clause

4.2.2. Lost or not Lost

4.2.3. The Sue and Labour Clause

4.2.4. The Waiver Clause

4.3. The Floating Policy

4.4. Describes the insurance in general terms, and leaves the name of the ship or ships and other particulars to be defined by subsequent declaration.

4.5. Open Covers

4.6. The most advantageous form of effecting cargo insurance in modern commerce. Shipments are automatically covered by an open cover even if declared late or after a loss occured.

4.7. Block Policies

4.8. Is mainly used for goods sent overland or by inland waterways in small consignments, also for valuable goods, and books sent by land or by post.

5. Conclusion

5.1. There are a lot of modalities of marine cargo insurance that can be apply according to the situation/condition that we might be facing. There are some important clauses that we can not leave behind that can make a great difference between the type of protection or product may have. As well as have very well cleared to the other partie the protection we might use and since when the responsabilities begin as well as the point when it finishes. Clauses that are of significant importance making the well use of all this characteristics to have a good protection during transportation.