Coverage B of the Institute Marine Cargo Clauses

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Russian: Оговорка А Института Лондонских Страховщиков по страхованию грузов


The general policy, referred to as Coverage B of the Institute Marine Cargo Clauses (also called a "named perils" policy) lists specifically the risks that it will cover. The list of covered perils includes fire, stranding, sinking, collision, jettison, washing overboard, water damages, and total losses during loading and unloading; however, losses due to bad weather are not covered, and neither are partial losses happening during loading and unloading of the ship. For a complete list, please refer to the Table below, where a comparison is given for all six standard coverages.

Coverage B of the Institute Marine Cargo Clauses is appropriate for goods that have a good tolerance for bad weather, such as bulk raw materials including coal, iron ore, polymer pellets, and lumber. It would not be appropriate for machinery, paper, and any type of finished goods, unless they were particularly resilient.

Table 1. Marine Insurance Coverage Summary

Perils Covered Against Coverage A of the Institute Marine Cargo Clauses Coverage B of the Institute Marine Cargo Clauses Coverage C of the Institute Marine Cargo Clauses All Risks Coverage With Average (Typical Coverage) Free of Particular Average (Typical Coverage)
Fire YES YES YES YES YES YES
Explosion YES YES YES YES YES YES
Stranding YES YES YES YES YES YES
Sinking YES YES YES YES YES YES
Collision YES YES YES YES YES YES
General Average YES YES YES YES YES YES
Jettison YES YES YES YES YES [1]
Loss Overboard YES YES YES YES [1]
Seawater Damage YES YES YES YES [1]
Lightening YES YES YES YES [1]
Condensation YES YES
Improper Stowage by Carrier YES YES
Theft YES YES
Pilferage YES YES
Leakage YES YES
Breakage YES YES
Damage While Loading/Unloading YES YES YES YES
Damage on land Before Loading YES YES YES YES YES YES

References

  1. 1.0 1.1 1.2 1.3 Under an FPA policy, any partial loss incurred would not be covered unless it is due to a ship sinking, burning, becoming stranded, or being involved in a collision; a total loss would be covered
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