Buyers, Sellers, Import/Export merchants, Buying Agents, Contractors and Banks etc. Marine Cargo Policies cover the interest in the cargo and also extend to cover the interests of any third party who has acquired interest upon transfer of ownership, as determined by the Terms of Sale.
Cargo can be damaged on exposure to a wide variety of risks, including an accident of the vehicle carrying the cargo, damage due to jolts, jerks etc.
Loss or damage due to Inherent Vice , Delay, Insufficiency of packing, loss or damage due to financial default or insolvency of the ship owner etc.
In nutshell, the rates of premium depends upon :
The normal exclusions under a standard marine policy are: