Marine Specific Voyage Policy
This cover is a very simple marine cargo insurance policy(or transit insurance policy). It insures one specific trip, from source to destination. It is often used by customers who want on demand insurance on an occasional basis. The class of cover provided depends on the material being shipped, whether it is a tail end risk, etc. It is also known as a time policy, or a shipment policy.
Specific Voyage policies are issued on a "from and to" basis and the cover commences once the goods leave the place of origin named in the policy and terminates on delivery at the place of destination.
Sometimes these policies are also issued in terms of duration of the voyage, in which case the cover commences on the date and time specified for the same in the policy.
Marine covers fall under three types- Institute Cargo Clauses A (ICC-A), Institute Cargo Clauses B (ICC-B), Institute Cargo Clauses C (ICC-C). While referring to transit by land these are also called Institute Transit Clauses(ITC).
Institute Cargo Clauses C (ICC-C)
This covers, in general, catastrophe claims. Natural disasters such as earthquake, floods etc. can affect shipments, and ICC-C cover insures you against them. Everything else is excluded.
Institute Cargo Clauses B (ICC-B)
This cover includes all the benefits of ICC-C cover, in addition to damage caused by fire or explosion, overturning or derailment, collision with other vehicles, and, in case of ships covers discharge of goods at a port of distress, or losses due to vessel being stranded.
Institute Cargo Clauses A (ICC-A)
ICC A cover is the best cover offered under marine insurance, which covers all risks except certain exclusions- such as theft, pillaging, transit damage, in addition to all risks covered under ICC-B.