Marine insurance covers physical loss or damage to cargo during transit by sea, air, road, or rail — from fire, sinking, collision, and rough handling to theft and natural catastrophe — with the exact scope depending on whether the exporter chooses ICC A, B, or C, and which add-ons like War, SRCC, or TPND are attached.

Core Risks Covered Under Marine Insurance

1. Fire or Explosion
Loss or damage to cargo caused by fire or explosion aboard the vessel, aircraft, or during transit storage.

2. Vessel Sinking, Stranding, or Capsizing
Physical loss arising from major vessel casualties, including grounding and capsizing.

3. Collision
Damage from the carrying vessel or conveyance colliding with any external object.

4. Overturning or Derailment
Loss from road or rail transit accidents during inland movement of cargo.

5. General Average and Salvage Charges
Contribution toward loss when cargo is sacrificed, or costs incurred, to save the voyage as a whole.

6. Jettison and Washing Overboard
Cargo thrown overboard to save the vessel, or swept off the deck by heavy seas.

7. Earthquake, Volcanic Eruption, and Lightning
Natural catastrophe risks covered under ICC B and A, but excluded under ICC C.

8. Entry of Sea, Lake, or River Water
Water damage from ingress into the vessel, container, or storage area during transit.

9. Theft, Pilferage, and Non-Delivery (Under ICC A Only)
Loss from theft or entire packages going missing — covered only under all-risk ICC A, unless separately added as TPND to a B or C policy.

Coverage Levels: ICC A vs B vs C

• ICC A — All-risk cover, broadest protection, covers almost everything except a short list of specific exclusions

• ICC B — Named perils, covers major casualties plus natural catastrophe and water damage risks

• ICC C — Named perils, covers only major casualty risks — the minimum viable cover