Paramount Life & General Insurance Corporation

Marine Cargo Insurance

At a glance

Covers various types of cargo not prohibited by law.
Types offered are: Inland, Inter-Island, Import/Export Cargo and Marine Open Policy.

As technology and progress evolves, international commerce has grown to mean that more and more goods are being shipped across the world.

We understand the risks and perils that your cargo is exposed to not only while at sea but for the entire duration of its voyage. Protect your cargo with Paramount's various types of Marine Insurance.

Inland Marine Cargo Insurance

This policy is designed to cover cargo movements by land, usually via commercial trucks or similar conveyances. Perils insured are:

Fire, including lightning, collision, overturning of the vessel and the collapse of bridges.

Robbery/Hijacking.

Inter-Island Marine Cargo Insurance

This policy is designed to cover cargo movements on-board ships or vessels designed for inter-island voyages usually within sheltered waters. This type of cover may also be extended on a Warehouse to Warehouse basis. By Type of Coverage, a Cargo Insurance policy may be written under terms and conditions widely known as the Institute Cargo Clauses A, B, or C. Generally, the policy covers loss of or damage to your cargo reasonably attributable to or caused by:

Fire or explosion.

Vessel or craft being stranded, grounded, sunk or capsized.

Overturning or derailment of land conveyance.

Collision or contact of the vessel or conveyance with any external object other than water.

Discharge of cargo at a port of distress.

Earthquake, volcanic eruption, or lightning.

General average sacrifice.

Jettison or washing overboard.

Entry of sea, lake or river water into the vessel, craft, hold, conveyance, container or place of storage.*

Total loss of any package lost overboard or dropped whilst loading or unloading from vessel or craft.*

*These are covered under ICC B. Under ICC C, this cover is not included. **ICC A provides the widest form of cover being All Risks in scope. It excludes coverage for:loss attributable to willful misconduct of the assured, ordinary wear and tear, insufficiency or unsuitability of packing, inherent vice delay and unseaworthiness of vessel or craft, among others.

Import Cargo/Export Cargo

This policy is designed to cover cargo movements on-board ships or vessels designed for international voyages. This type of cover may also be extended on a Warehouse to Warehouse basis. Import or export cargo shipped by air via commercial airlines are covered on All Risks under the terms of Institute Cargo Clauses (AIR).

Marine Open Policy

The policy is designed for frequent importers or exporters of goods. A marine open policy requires continuous and regular declaration of shipment.

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