The insurance of the transported goods has its roots in antiquity and the Mediterranean Sea due to the developed commercial activity of the then known world. In the 17th century, merchandise insurance is being developed in England and creates the bases of insurance and the legislative framework that has been in place to date.
Goods carried are covered by any damage or loss suffered during their transport throughout the world and by all means, in accordance with the terms of the Institute Cargo Clauses of London Underwriters and their optional extensions. These clauses are: A, B, C and provide the following coverages.
This clause covers the damage to the cargo caused by an accident of the means of transport, namely collision, overturning, sinking, fire, explosion and the discharge of the cargo into the sea. It also covers the general average sacrifice and participation to salvage.
This clause covers all the damages from clause C and additional damages to the cargo caused by an earthquake, volcanic eruption or lightning strike, commodification of waves, seawater intrusion, lake or river, total loss of parcel during loading or unloading from the ship.
All risks are covered in clause A except for those explicitly excluded from the contract. Indicatively, all damages included in clauses C and B and additional losses due to breakage, theft, piracy and malicious acts are covered. The basic exemptions of the policy are the insured's deceit, the normal wear and tear of the commodity, the same defect, war, terrorist actions, delay, and others.
Attached Comparative Insurance Transportation Support Agents
Ιnstitute Cargo Support Agents. pdf