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What is an all risk insurance policy?

An all risk cargo insurance policy offers a wide cover for any physical loss/damage from any external use. It will list any exclusions that are not covered. An annual open policy automatically ensures you are covered for all shipments on conditions and rates agreed upon.

Risks are briefly covered under Institute cargo clauses (A), (B) and (C). ICC (A) covers all risks with standard exclusions such as delay, ordinary loss in weight or volume, ordinary wear and tear, insufficient or unsuitable packing, and inherent vice. Clause (B) and (C) provide lesser coverage compared to (A).

Does coverage vary by cargo type?

Some goods are susceptible to particular hazards requiring special treatment. For example: fragile items exclude breakage, and liquids in barrels, and cement in bags attract higher deductible for shortage.

Is warehouse coverage included?

An all risk policy extends cover to goods stored in the normal course of transit. Warehouse cover will have to be added if goods are stored beyond the course of transit. For example: goods stored awaiting shipment.