The Coverage in Marine Specific Insurance Policy will depend upon the clauses under which the policy is issued.
Export/Import – When exporting or importing goods the Institute Cargo Clause A, B, or C of Institute of London Underwriters is applicable.
ICC (A) is all risk cover. ICC (B) is broader cover excluding Malicious Damage, Theft/ Pilferage & War Risks. ICC (C) covers all risks covered in ICC (B) except for Loss overboard during loading or discharge, Washing overboard, seawater entering ship, river water entering ship.
Inland – Goods transported to anyplace within India by Rail/ Road are subjected to Institute Transit Clause A, B, C.
ITC (A) is an all risk coverage barring exclusions. ITC (B) covers loss from fire, lightning, breakage of bridges, derailment, accident, etc. barring exclusions. ITC (C) covers loss due to fire and lightning only.