Marine Specific Cargo - Tailored Coverage for Defined Shipments
A Marine Specific Policy (also known as a Specific Voyage Policy) is a type of marine insurance that provides coverage for a single, clearly defined shipment or voyage.
It is ideal for businesses that do not have frequent shipments and prefer case-to-case insurance rather than an annual open policy.
What does marine specific policy cover?
This policy covers goods in transit from one specified location to another:
- Inland transit – by road or rail within India
- Import / export shipments – by sea or air
- Door-to-door coverage – from supplier's warehouse to final destination
Types of risks covered
Coverage is usually based on Institute Cargo Clauses (ICC):
ICC (A) – all risk cover
- Covers all risks except standard exclusions
- Most comprehensive option
ICC (B) – named perils (wider)
- Fire, explosion
- Vessel collision
- Earthquake, flood
ICC (C) – basic cover
- Limited risks such as fire, collision
Important add-ons
- War & SRCC cover (strike, riot, civil commotion)
- Increased value cover
- Storage / warehouse to warehouse extension
Major exclusions
- Improper packing
- Delay in transit
- Ordinary leakage or wear & tear
- Willful misconduct
- Inherent vice of goods