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MARINE CARGO INSURANCE
Bangladesh Marine Cargo Insurance policy is in line with the recommendations of
the United Nations Conference on Trade And Development (UNCTAD) making the revised
wording of the Institute Cargo Clause (ICC) mandatory from 31-3-1983. With the
introduction of new policy form the century old policy form and perils have been withdrawn
and replaced by ICC(A), ICC(B) & ICC(C) clauses respectively.
The new ICC apart from being worded in simple English, have
more conceptual clarity in approach. The basic approach is to define the terms and
conditions in such a manner that the scope for disputes is minimised, whereas new ICC(A)
provides "All Risks" cover with named exclusions, the new ICC(C) covers the
named risks with exclusions. The new ICC(B) is an intermediate cover with extended named
risks and named exclusions.
The nature of the risks covered under the THREE Institute
Cargo Clauses are drawn as under.-
RISKS
Loss or damage
reasonable attributed to :
|
ICC(A) |
ICC(B) |
ICC(C)
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Fire or explosion
|
Covered |
Covered |
Covered |
Vessel or Craft being stranded, grounded. sunk or capsized. |
Covered |
Covered |
Covered |
Overturning or derailment of Land conveyance. |
Covered |
Covered |
Covered |
Collision or contact of vessel, craft or Conveyance with any external object other than
water. |
Covered |
Covered |
Covered |
Discharge of Cargo at port of distress. |
Covered |
Covered |
Covered |
Earthquake, volcanic Eruption or lightning |
Covered |
Covered |
Not-Covered |
Loss or damage caused by:
|
General Average Sacrifice |
Covered |
Covered |
Covered |
Jettison |
Covered |
Covered |
Covered |
Washing overboard |
Covered |
Covered |
Not-Covered |
Entry of sea, Lake or river water into vessel, Craft hold
Conveyance, Container, Lift Van or place of storage. |
Covered |
Covered |
Not-Covered |
Total loss of any package lost overboard or dropped whilst Loading to or unloading from
vessel or craft.
|
Covered |
Covered |
Not-Covered |
Other risk such as
Breakage, Scratching, Splitting, hooks,Holing, tearing, bursting, loss of contents, damage
to the containers, Fresh, rain water damage, Heating and extraneous substances, theft,
pilferage & non-delivery & other risks not specially excluded in the
ICC’A" clauses. |
Covered |
Covered |
Not-Covered |
The Company also grants wider cover like
Theft, pilferage and non-delivery (TPND) with ICC(C) on payment of additional premium as
per tariff.
Anyone or all the perils mentioned below may be obtained with ICC(B) on payment of
additional premium.
Breakage, Scratching/Splitting, hooks,
holing, bursting, tearing, leakage, Fresh, rain water damage, theft pilferage &
non-delivery.
The following additional perils are automatically covered
under the new Marine Policy :-
(1) 60 days cover at sea port from the date of discharge
from the ship under "A" "B" & "C"
(2) Inland transit by Road, Rail &/or Berge.
(3) WAR & SRCC covers are available on payment of
additional premium.
MISCELLANEOUS/ACCIDENTS
INSURANCE:
Common types of miscellaneous insurance
covers Theft, Burglary, Cash-in-Transit, Cash-in-safe, Fidelity Guarantee, Public
Liability, Product Liability, Personal Accident, Household Comprehensive Insurance is
available on attractive rates and terms. Rates and terms are quoted on request. Besides,
Group Accident covers are available in addition to individual and personal accident
policy. Travel Insurance forms part of this category.
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