This type of Insurance is most complete type of Transport insurance and is mostly used for susceptible and damageable goods, which includes all risks but the excluded ones.
· Exclusions (Damages which have not been covered)
· Ionizer rays and radioactivity pollution caused by nuclear fuel and wastes.
· Rejecting goods entry by the policyholder or prevention of goods entry by the importer country.
· Deliberate negligence of insured that leads to damage or loss of the insured goods.
· Ordinary deterioration of the insured goods and similar risks such as ordinary weight shortage, corrosion and erosion.
· Loss, damage or expenses due to insufficiency and inappropriate packaging or preparation of the insured goods.
· Loss, damage or expenses due to inherent defect or nature of the insured goods.
· Loss, damage or expenses due to application of any type of war weapons, working with nuclear energy, spill or similar interactions of radioactive substance or power.
· Un-seaworthiness of vessel, craft or unfitness of vessel, launch, vehicle containers or lift van for safe carriage of the subject matter of insurance. It should be noted that war risks, strike, chaos and terrorism are among exclusions of the insurance policy and in case an agreement is reached between the insurer and insured, these risks may be covered.
All risk marine insurance is cargo insurance that covers any and all instances of theft, loss, or damage to your cargo. The insurance policy is all-encompassing and covers the following instances of theft, loss, or damage:
Fault of vessel management
Bursting of boilers
Latent defects in hull
Improper stowage by carrier
Theft or pilferage
Leakage or breakage
All risk marine insurance will protect you against all the above scenarios. However, remember that it will not cover inherent vice (intentional damage), natural product issues (decay, germination, faulty packaging), or strikes, riots, and civil wars (let’s hope you don’t have to worry about that.) .
You can ask to cover some extra prills such as War and SRCC too.