Marine Cargo Insurance

What Does Marine Cargo Insurance Mean?

Marine cargo insurance is a sub-branch of marine insurance and a type of property insurance that covers the loss or damage of goods or cargo during sea transit.

Insuranceopedia Explains Marine Cargo Insurance

Marine cargo insurance offers varying levels of coverage depending on the type of cargo or goods being transported, which can range from frozen meat and food to dry goods like cotton, coffee, refined sugar, and tea, as well as commodities like oil, jute, and coal. The extent of coverage can protect against several risks, including but not limited to fire, capture, war, piracy, jettison, and theft.

The Institute Cargo Clauses, a set of standardized terms adopted by many international marine insurers, typically outline the scope of coverage. These clauses are categorized as A, B, or C, with Clause A providing the most comprehensive coverage and Clause C offering the least.