Atlantic Insurance Co. Public Ltd
Accident Care & Road Assistance 77772424
Home  /  Individual Insurance Plans  /  Marine Cargo Insurance

Marine Cargo Insurance

Marine Cargo Insurance is a class of insurance that insures property while in transit against loss or damage arising from perils associated with the navigation of the sea or air and subsequent land and inland waterways.

The cover provided is categorised in the form of Coverage Clauses known as Institute Cargo Clauses A, B and C. Atlantic offers the ability to choose the extent of the cover according to the client's needs at competitive rates. The most comprehensive cover is provided under Institute Cargo Clauses A (All Risks). A more limited cover is provided under Institute Cargo Clauses B or C at lower premiums. 

Who is this for:

  • Importers/exporters of merchandise
  • Commission agents
  • Individuals importing or exporting personal items

Get a Quote

Proposal Form

What we cover

  • 1. Institute Cargo Clauses CThese clauses cover loss of or damage to the insured cargo reasonably attributable to:

    - Fire or Explosion
    - Vessel or craft being stranded, grounded, sunk or capsized
    - Overturning or derailment of land conveyance
    - Collision or contact of vessel craft or conveyance with any external object other than water
    - Discharge of cargo at a port of distress 

    They also cover loss of or damage to the insured cargo caused by:

    - General Average 
    - Jettison (voluntary dumping of cargo at sea)
  • 2. Institute Cargo Clauses B
    These clauses include the covers provided by Institute Cargo Clauses C and additionally the following:

    a. Loss of or damage to the insured cargo reasonably attributable to:
    - Earthquake, volcanic eruption or lightning and

    b. Loss of or damage to the insured cargo caused by:
    - W
    ashing overboard
    - Entry of sea, lake or river water into vessel, craft, hold, conveyance container or place of storage

    c. Total loss of any package lost overboard or dropped whilst loading on to or unloading from vessel or craft 
  • 3. Institute Cargo Clauses AThese clauses offer the widest insurance cover against "All Risks" for loss of or damage to the insured cargo caused by any accidental and unforeseen cause other than those which are nominally excluded.


Important Note: The above constitutes a summary of the product features. Full details as to policy covers, conditions and exclusions are contained in Atlantic’s relevant Insurance Policy document.

Competitive Benefits

  • Prompt and fair claims settlement
  • Competitive prices
  • Highly personalised service from our experienced personnel in all towns

Frequently Asked Questions

  • Q1. If I want to insure my personal effects under Clauses A (All Risks), what information shall I submit? A1. In such a case, along with the proposal form, an itemised list must be submitted.
  • Q2. Why should I purchase ocean cargo insurance?
    A2. The simple answer is to reduce your exposure to financial loss. If you’re an exporter who has not been paid for the goods at the time of shipment, or an importer who has paid for all or part of the goods prior to receiving them, you run the risk of suffering financial loss if the goods are lost or damaged during transit.
    Additionally, you may be required to post a bond and/or cash deposit in order to obtain release of your cargo following a General Average, even though there was no loss or damage to your goods. By purchasing insurance, your insurance company assumes the responsibility and can usually expedite the release of your cargo.
    Lastly, your sales contract may obligate you to provide ocean cargo insurance to protect the buyer’s interest or their bank’s interest. This is especially true when selling goods CIP or CIF. Failure to do so can not only subject you to financial loss if there is loss or damage to the goods, but non-compliance with the terms of your contract with the buyer can lead to loss of sales and legal problems.

  • Q3. What is General Average and why would I incur costs if my goods are not damaged? A3. General Average is an internationally accepted principle of equity dating back to ancient times. Essentially, if one or more interests involved in a maritime adventure voluntarily sacrifices all or part of their goods to save all interests from an impending peril or loss, the interests saved will reimburse the interest suffering the loss so that each shares the loss equally. A classic example used to illustrate this principle is that of a vessel which runs aground in a storm and is threatened with loss of the entire vessel and its cargo unless the vessel can be refloated. Efforts to refloat the vessel (such as the jettison of cargo to lighten the vessel or expenses paid to a salvor to pull the vessel off the grounding point) would be shared by the vessel and all cargo interests.
  • Q4. What are INCOTERMS? A4. INCOTERMS are a set of internationally recognized trade terms published by the International Chamber of Commerce which define certain of the obligations and responsibilities of the seller and buyer to each other on goods moving in international trade.

Subscribe to our mailing list