Page 7 - Marine Insurance IC67 EBOOK

The Insurance Times

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Minimum Premium per Certificate Rs. 20

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1. Risk Covered : (f) Breakage.
(g) Leakage.
Loss or damage reasonably attributable to : (h) Country Damage.
1. Fire or explosion
The list is not exhaustive and can never be
2. Vessel or craft being stranded, grounded, complete. Other extraneous perils such as denting,
sunk or capsized. bending, cutting, scratching, chafing, etc., can also
be specifically included in the policy.
3. Overturning or derailment of land conveyance.
2. General Average Clause :
4. Collision or contact of vessel, craft or
conveyance with any external object other This insurance covers general average and
then water. salvage charges, adjusted or determined
according to the contract of affreightment and/or
5. Discharge of cargo at a port of distress. the governing law and practice, incurred to avoid
or in connection with the avoidance of loss from
6. Earthquake volcanic eruption or lightning. any causes except those excluded in Clauses 4,
5, 6 and 7 or elsewhere in this insurance.
7. General average sacrifice.
3. "Both To Blame Collision" Clause :
8. Jettison.
This insurance is extended to indemnify the
9. Washing overboard. Assured against such proportion of liability under
the contract of affreightment "Both to Blame to
10. Entry of sea, lake or river water into vessel, Collision" Clause as is in respect of a loss
craft, hold, conveyance, container, liftvan or recoverable hereunder. In the event of any claim
place of storage. by shipowners under the said Clause the Assured
agree to notify the Underwriters who shall have
11. Total loss of any package lost overboard or the right, at their own cost and expense, to defend
dropped whilst loading on to or unloading and Assured against such claim.
from, vessel or craft.
4. Exclusions :
Note:
ICC 'C' only 1 to 8 cover In no case shall this insurance cover :
1. loss damage or expenses attributable to wilful
ICC 'B' only 1 to 11 cover
ICC 'A' subject to the exclusions, ICC(A) covers misconduct of the Assured.
all risks of loss of or damage to the subject 2. ordinary leakage, ordinary loss in weight or
matter insured under the policy. However, it is not
desirable always to think in terms of an all risks volume, or ordinary wear and tear of the
policy. Covers suitable for a particular type of subject-matter insured.
cargo can be granted by including any one or 3. loss damage or expense caused by
more of the following extraneous perils in
conjunction with ICC(C) or ICC(B).
(a) Theft, Pilferage and/or Non-delivery.

(b) Fresh water and/or rain water damage.

(c) Hook and/or Oil damage.

(d) Heating and Sweating.

(e) Damage by mud, acid and other substances.

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