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Protection for cargo in transit

Contact MSIG
Overlooking the container terminal

Protection for cargo in transit

Marine Cargo Insurance

Appropriate protection against the loss of or damage to your goods during insured transit

The most commonly used clauses are the Institute Cargo Clauses (A)1/1/1982, which provide coverage in respect of All Risks of loss of or damage (subject to certain exclusions) to the subject matter insured whilst in transit.

In the absence of “All Risks” insurance, coverage may be provided on the more restrictive basis, such as Institute Cargo Clauses (B) or Institute Cargo Clauses (C) 1/1/82* according to the cargo nature or other situation.

Coverage available under different Institute Cargo Clauses are given below

Benefits
Institutes Cargo Clauses
Proximate causes A B C
Stranding, Grounding, Sinking or Capsizing √ √ √
Overturning or Derailment of Land Conveyance √ √ √
Collision of ship, craft with another ship or craft √ √ √
Contact of Ship, Craft or Conveyance with anything other than Ship or Craft √ √ √
Discharge of Cargo at Port of Distress √ √ √
Fire or Explosion √ √ √
Earthquake, Volcanic Eruption or Lighting √ √ X
Malicious Damage √ X X
Theft/ Pilferage √ X X
General Average Sacrifice √ √ √
Jettison √ √ √
Washing Overboard (deck cargo) √ √ X
War Risks (except Piracy) X X X
Seawater entering Ship, Craft, Hold, Conveyance Container Life Van or Place of Storge √ √ X
River or Lake Water entering same √ √ X
Loss overboard during loading/discharge from vessel (total loss only) √ √ X
Any risks of physical loss or damage not specified √ X X
Eligibility

Company is registered and operating in Hong Kong

Important notes
  • If Assured decide to change the voyage of the shipment or forward the shipment to other destination(s) other than the place specified in the insurance policy before the insured cargo is delivered to the Consignee or final warehouse, you are recommended to contact MSIG for necessary extension or arrangement.
  • The above information is intended as a general summary. It is for reference only and is not an offer for subscription of any insurance product. The policy may contain terms and conditions which are not detailed in the above. Should there be any discrepancy between the information contained in the above and the terms of the policy, the terms of the policy shall prevail. For exact terms and conditions and details of the exclusions, please refer to the relevant policy or contact MSIG.
  • The Insurance Authority (“IA”) has announced the collection of levy on insurance premium under the ‘Insurance Ordinance’ with effect from 1 January 2018. As a result, all premium amounts shown in this webpage are subject to levy. For further information, please visit www.ia.org.hk/en/levy.
General exclusion

1.Wilful misconduct of the Assured

2.Ordinary leakage or loss in weight or volume

3.Ordinary wear and tear

4.Insufficient or unsuitable packing arrangements

5.Inherent vice or nature of the subject-matter insured

6.Delay

7.Insolvency of ship owners or charterers

8.Use of nuclear of atomic weapons

9.Unseaworthiness of vessels/crafts or containers

10.War risk

11.Strike and terrorism risks

The above is a summary of Major Exclusions only. For details, please refer to policy provisions.

Disclaimer and Important Notes

The above plan is underwritten by MSIG Insurance (Hong Kong) Limited (“MSIG”) which is a general insurer authorized and regulated by the Insurance Authority of the HKSAR. Standard Chartered Bank (Hong Kong) Limited (“SCBHK”) is an insurance agent appointed by MSIG. To the extent permissible by law, SCBHK shall not be liable to any person for the use of any of the above information.

The above plan, offered by MSIG, is only available for subscription by residents of the HKSAR, subject to the relevant Terms and Conditions.

The above information is intended as a general summary. It is for reference only and is not an offer for subscription of any insurance product. The policy may contain Terms and Conditions which are not detailed in the above. If there is any discrepancy between the information contained in the above and the Terms of the policy, the Terms of the policy shall prevail. For exact Terms and Conditions and details of the exclusions, please refer to the relevant policy or contact MSIG.

The material and information contained on this Web Site is provided for general information only and should not be used as a basis for making business decisions. Any advice or information received via this Web Site should not be relied upon without consulting primary or more accurate or more up-to-date sources of information or specific professional advice. You are recommended to obtain such professional advice where appropriate.

In respect of an eligible dispute (as defined in the Terms of Reference for the Financial Dispute Resolution Centre in relation to the Financial Dispute Resolution Scheme) arising between Standard Chartered Bank (Hong Kong) Limited and the customer out of the selling process or processing of the related transaction, Standard Chartered Bank (Hong Kong) Limited will enter into a Financial Dispute Resolution Scheme process with the customer; however, any dispute over the contractual terms of the product should be resolved directly between MSIG and the customer.