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Royal Sundaram Business Insurance |
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What the Institute Cargo Clauses Cover
Marine Cargo Policies are based, in a majority of instances, on one or more of the Institute Cargo Clauses. The coverage available under these standard clauses include:
• Actual Total Loss
• Constructive Total Loss
• Particular Average i.e., Partial Loss by an insured peril
• General Average
• Collision Liability
• Expenses such as Survey Fees, Reconditioning Costs, Forwarding Expenses, Sue and Labour etc.
Principal exclusions, which appear in the Institute Cargo Clauses, are:
• Loss or damage due to Inherent Vice
• Loss or damage due to Delay
• Loss or damage due to Insufficiency of packing
• Loss or damage due to insolvency, financial default of ship owners, etc.
We have dedicated products that considerably widen the scope of cover offered by the Institute Clauses. (Please refer to ‘Widening the Scope of Cover’)
Widening the Scope of Cover
At Royal Sundaram, we provide you with a wide choice of additional Covers thereby widening the scope of cover beyond what is offered by Institute Clauses mentioned above. Some of the exclusions appearing in the Institute Cargo Clauses are either deleted or modified considerably.
We provide you with unique tailor-made policies to suit your requirements. We have tailor-made wordings for a variety of industries/risks including, but not limited to:
• Fast Moving Consumer Goods Industry
• Electronic Industry
• Infrastructure Projects: including Delay in Start-up
• Covers
• Pharmaceutical Industry
• Health Care Industry
• Fine Arts
We install, on request, software at your premises, so that Certificates of Insurance can be printed by you, thereby avoiding delays.
Our Underwriting philosophy is to ensure that we constantly acquire, maintain and disseminate technical information to you.
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