SCOPE OF CARGO INSURANCE POLICY UNDER IMPORT AND EXPORT

 

SCOPE OF CARGO INSURANCE POLICY UNDER IMPORT AND EXPORT

The scope of the insurance policy depends on the risks it covers. Here, risks are termed as perils. Perils are referred as causes of events. The various kinds of perils are:

SCOPE OF CARGO INSURANCE POLICY UNDER IMPORT AND EXPORT1. Maritime Perils: These are the events which are created by God or manmade. Events created by God are earthquake, collision, storm, lightning, and entry of sea water into the vessel, volcanic eruption, rain water damage and washing overboard of cargo.

The man made events are fire, smoke, water used to extinguish fire, piracy, barratry (fraud, gross criminal negligence of the crew to prejudice ship owner), sabotage, vandalism etc.

2. Extraneous Perils: These are incidental perils. These perils are caused due to faults in loading, carrying and unloading. Examples are rough handling, leakage, breakage, pilferage and non-delivery etc.

3. War Perils: These perils relate to losses due to war including civil war, revolution rebellion and detainment of the carrier etc. If the goods are confiscated by the customs on charges of smuggling, then insurance does not cover.

4. Strike Perils: This damage or loss due to lockouts, strikes, labour disturbances, riots and civil commotion and by any terrorist acting from political motive.

 

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