Types of Shriram Marine Insurance Policy

Inland Transit Clause (A)

This clause is an All Risk Cover (A+B+C)

• Wilful misconduct of the insured
• Ordinary (inevitable loss)
• Insufficient/Unsuitable packing
• Delay
• Inherent vice
• War perils
• Strike, riot and civil commotion

Inland Transit Clause (B)

This clause is a basic cover that includes- the risks of physical loss or damage to the insured goods Risks Clause (coverage against named perils) caused by

a)

• Fire
• Lightning
• Breakage of bridges

b)

• Collision with or by the carrying vehicle
• The overturning of the carrying vehicle
• Derailment or accidents of like nature to the carrying railway wagon/ vehicle

• Ordinary (inevitable loss)
• Insufficient/Unsuitable packing
• Delay
• Inherent vice
• War perils
• Strike, riot and civil commotion

Inland Transit Clause (C)

This clause is a Named Peril cover which includes - loss or damage to the subject matter insured caused by the risks clause (very limited coverage against the named perils)

(a) fire

(b) lightning

a)

• Wilful misconduct of the insured
• Ordinary (inevitable loss)
• Insufficient/Unsuitable packing
• Delay
• Inherent vice
• War perils
• Strike, riot and civil commotion
• Breakage of bridges

b)

• Collision with or by the carrying vehicle
• The overturning of the carrying vehicle
• Derailment or accidents of like nature to the
• carrying railway wagon/ vehicle

Institute Cargo Clauses (A) or ICC (A)

All Risk Cover with General exclusions

• Wilful misconduct of the insured
• Ordinary (inevitable loss)
• Improper packaging
• Inherent vice
• Delay
• Insolvency or financial default
• Nuclear Weapons risk
• Unseaworthiness of vessel or craft
• War perils
• Strikes, riot and civil commotion

Institute Cargo Clauses (B) or ICC (B)

• Fire and Explosion
• Vessel/ Craft being
• Stranded, Grounded,
• Sunk or Capsized
• Overturning/Derailment of land Conveyance
• Collision or contact of the vessel, craft 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 and Washing on Board
• Entry of Sea, lake or river water into the vessel/craft, container or place of storage
• Total loss of any package lost overboard or dropped whilst loading or unloading from a vessel or craft

• Wilful misconduct of the insured
• Ordinary (inevitable) loss
• Improper packaging
• Inherent vice
• Delay
• Insolvency or financial default
• Nuclear Weapons risk
• Unseaworthiness of vessel or craft
• War perils
• Strikes, riot and civil commotion

Institute Cargo Clauses (C) or ICC (C)

• Fire and Explosion
• Vessel/ Craft being Stranded, Grounded, Sunk or Capsized.
• Overturning/Derailment of land Conveyance
• Collision or contact of the vessel, craft or conveyance with any external object other than water
• Discharge of Cargo at a port of Distress
• General Average Sacrifice, Jettison
• General Average and Salvage charges
• Breakage of bridges
• Charges reasonable and properly incurred to avert/ minimize an insured loss and to preserve and pursue recovery rights

• Wilful misconduct of the insured
• Ordinary (inevitable) loss
• Improper packaging
• Inherent vice
• Delay
• Insolvency or financial default
• Nuclear Weapons risk
• Unseaworthiness of vessel or craft
• War perils
• Strikes, riot and civil commotion