Clauses under Marine Open Insurance

Marine insurance is no less than a safe haven for shippers and traders as it helps to safeguard against financial loss in case of any unforeseen event. The correct marine cargo insurance policy must be purchased depending on the nature, scope, and type of business. However, it is also essential to understand the various clauses under a marine open insurance policy for a better decision-making process.

Read more
marine

Get right expert advice

Hassle free policy

Speedy Claims

Fast-track your search with instant quotes from top insurers

Get ₹10 lakh cover
starting at ₹591/transit+

Step 1/2
Instant policy copy
All commodities available
Single transit and annual covers

Get ₹10 lakh cover starting at ₹591/transit+

Instant policy copy
All commodities available
Single transit and annual covers
secure-icon We don't spam
Get Updates on WhatsApp
Check Your Premium Now
By clicking on "" you agree to our Privacy Policy and Terms Of Use

Get ₹10 lakh cover
starting at ₹591/transit+

Step 2/2
Get Updates on WhatsApp
Fast-track your search with instant quotes from top insurers
Expert advice

Buy right

Instant policy

Quick & Hassle free

Dedicated team

Speedy Claims

Institute Cargo Clauses

Institute Cargo Clauses under marine insurance policy defines the extent of coverage provided under a particular plan. These clauses mention the type of items that are covered in case of any damage or loss to the consignment. Institute cargo clauses usually cover everything, including the goods themselves, the container in which the cargo is placed, or, the vessel in which the shipment is being transported.

Clauses Under Marine Insurance

Institute Cargo Clauses were first developed by the International Chamber of Commerce, a global business governing body. These clauses were first announced in 1982 but have undergone profound changes due to changing business patterns, increasing global risks, and threats, etc.

Institute Cargo Clauses under marine open insurance policy serve a specific purpose. These clauses specify the terms that are covered and those that are not in case of damage or loss to the shipment.

There are three basic categories of these clauses: A, B, and C. The differences between these depend on the levels of restriction these clauses provide. Clause A is the widest of the three, and, Clause C is the most restrictive.

Similar to auto insurance, higher coverage is given on higher premium payments. The three clauses also function on parallel lines.

  1. Institute Cargo Clause A

    Institute Cargo Clause A provides you with the widest form of coverage. Also known as ‘All Risk’ cover, you need to pay a maximum premium for purchasing this policy. Clause A covers the cargo, goods, container, and, vessel. If there are any exclusions, they are generally mentioned under the General Exclusion Clause.

  2. Institute Cargo Clause B

    Institute Cargo Clause B is a bit restrictive; thus, the premium amount for this clause is moderate. All risks are not covered, and the shipper/trader can request the coverage of partial cargo or for valuable items.

  3. Institute Cargo Clause C

    Institute Cargo Clause C is considered the most restrictive type of coverage, making it the cheapest in premium payment. The coverage of risks under this clause is minimal.

    Each clause provides detailed parameters of its inclusions and exclusions. Due to the difference in cover, the premium payable also varies. It is to be noted that each institute cargo clause is reserved for goods in transit. Goods in transit are the goods that are departed from the loading location and are yet to reach the final destination. 

Conclusion

As a shipper or transporter, it is important to be informed about the Institute Cargo Clauses under marine open insurance. These clauses play a vital role in the purchase decision. The experts at Policybazaar can help clear doubts in order to make informed decisions about buying the right marine open policy for your business.

Written By: PolicyBazaar - Updated: 10 August 2023

Marine Insurance Premium Calculator

Select Commodity

  • New machinery machine tools & spares in closed ISO containers
  • Solar panel
  • Machinery machine tools & spares duly packed/lashed
  • Electronic & white goods
  • New machinery machine tools & spares in closed ISO containers
  • Solar panel
  • Machinery machine tools & spares duly packed/lashed
  • Electronic & white goods
  • New machinery machine tools & spares in closed ISO containers
  • Solar panel
  • Machinery machine tools & spares duly packed/lashed
  • Electronic & white goods

Select Mode of Transport

  • Road
  • Air
  • Sea
  • Courier
  • Rail

Cover Amount Required

Enter value between 10 thousand to 10 crore

Calculate

Premium starts from

Great! Now Unlock Best Plans for You

No online plans found!

But, we have offline plans ready.
Connect with our advisor to explore more

Schedule a callback
Re-calculate
Marine Insurance Articles
Marine insurance coverage is divided into two types. One is International Cargo Clause (ICC) and the second is the...Read more
13 Aug 2022 by Policybazaar 6269 Views
Transit of goods through waterways involves high risks. Marine insurance plays a significant role in safeguarding...Read more
23 Nov 2022 by Policybazaar 6410 Views
Warranties in marine insurance are referred to as assurances or promises by the policyholder about a certain act...Read more
20 Jul 2023 by Policybazaar 2561 Views
Marine insurance and its advantages cannot be ignored if you are in a shipping business or your business needs...Read more
19 Aug 2022 by Policybazaar 4699 Views
When moving to a new home, safeguarding your household articles during transit is crucial. Transit insurance...Read more
27 Oct 2020 by Policybazaar 8561 Views
The transport business involves a lot of extreme opportunities...Read more
28 Feb 2024 by Policybazaar 30 Views
Whenever goods and commodities are on the move, they are at risk...Read more
28 Feb 2024 by Policybazaar 30 Views
Businesses are shifting to eco-friendly transportation options...Read more
12 Dec 2023 by Policybazaar 251 Views
Navigating the complex landscape of transit insurance claims...Read more
24 Nov 2023 by Policybazaar 437 Views
Effective logistics, relying on enhanced trade infrastructure...Read more
22 Nov 2023 by Policybazaar 294 Views
Policybazaar for Business - Marine Insurance - Customer Reviews
View all
4.3/5
Based on 114 reviews
4.3
out of 5
Based on 114 reviews
14 users
87 users
13 users
0 users
0 users
3.8 April 20, 2023
Anas
Great Experience
I recently purchased Marine insurance from Policybazaar for my shipping business and I must say I am thoroughly impressed with their service and coverage. From start to finish, the experience has been smooth and hassle-free.Thankyou.
Mizoram
4.3 April 03, 2023
Vaishnav
Provides Comprehensive Protection
When it comes to coverage, Marine insurance that i bought from PolicyBazaar has exceeded my expectations. It provides comprehensive protection for my cargo and vessels during transit, ensuring I can focus on my business operations with peace of mind. Thankyou.
Assam
4.3 March 17, 2023
Umang
Excellent Services
I highly recommend Marine insurance from PolicyBazaar website to anyone in the shipping or logistics industry. Their user-friendly website, comprehensive coverage, and excellent customer service make them stand out from the competition. With Policybazaar, I feel confident in navigating the high seas, knowing that my business is well-protected. Thank you, Policybazaar.
Chennai
4.3 February 28, 2023
Vishal
User Friendly Interface
The website's user-friendly interface made it easy to compare different plans and find the perfect fit for my business needs.Thanks
Gurugram
4.3 February 11, 2023
Parth
Prompt Services
I appreciate the transparency and honesty with which Policybazaar handled my claims. They were prompt in processing my claim and their claim settlement process was hassle-free.Thanks PolicyBazaar.
Noida
3.8 February 10, 2023
Rishabh
Exceeds Expectations
I recently had the pleasure of purchsing marine insurance from Policy bazaar website and I must say it has been an outstnding experience from start to finish. I am thrilled to share my positive customer review, as this truly exceeded my expectations. Thanks PB.
Jamshedpur
3.8 January 31, 2023
Arvind
Easy Navigation
The ease of navigating the Policy bazaar website and finding the right marine insurance policy was impressive. The website's user-friendly interface and intuitive design made it incredibly simple to compare various options, understand the coverage details and make an informed decision. I appreciated the transparency provided throughout the process. Thanks.
Ajmer
3.8 January 21, 2023
Vishal
Excellent Support
The customer service provided by Policy bazaar was decent. Their team was responsive, knowledgeable and went above and beyond to assist me at every step. Their professionalism and commitment to customer satisfaction were truly commendable.Thankyou.
Mumbai
4.3 January 11, 2023
Sanjeev Rathor
Efficient Process
When it came to claims processing, Policy bazaar demonstrated remarkable eficiency and effectivenes. I had an unfortunate incident during the coverage period and filing a claim was a breeze. The entire process was streamlined and their team guided me throuugh every necssary step, making it hassle-free. The promptness with which my claim was setled reflected their commitment to their customers' well-being and peace of mind. Thankyou.
Pune
3.8 January 01, 2023
Kunal
Comprehensive Coverage
I must mention the comprehensive coverage provided by the marine insurance policy I purchasd through Policy bazaar. It offered me the necesary protection and peace of mind. Thankyou PolicyBazaar.
Indore