comparison table goods in transit cover a and annual marine cargo icc a

8/18/2019 Comparison Table Goods in Transit Cover a and Annual Marine Cargo Icc A

1/6

PDR ref SBOK 005220 ‐ 2011

Comparison

table

–

Goods

in

Transit

Cover

A

and

Annual

Marine

Cargo

ICC

(A)

Goods

in

Transit

–

Cover

A Annual

Marine

Cargo

ICC

(A)

Insured

transit

1.1

cover commences when each item is first

moved for the purpose of being conveyed to

a destination

outside

the

premises

at

which

loading takes place

1.2

in relation to livestock when each animal

enters the conveyance or its loading ramp

8.1 insurance attaches from the time the

subject‐matter insured is first moved in the

warehouse or

at

the

place

of

storage

for

the

purpose of the immediate loading into or

onto the carrying vehicle or other

conveyance for the commencement of

transit.

1.1

cover ends when the item is last moved in

being delivered at the destination

1.2

cover ends when the animal is discharged

from the conveyance or its loading ramp at

the destination

8.1.1 transit terminates on completion of

unloading from the carrying vehicle or other

conveyance in or at the final warehouse or

place of storage

Or

8.1.2 transit terminates on completion of

unloading at any other warehouse or place

of storage which the Assured or their

employees elect to us for storage or

distribution

Whichever shall occur first.

Cover

3.1 loss of or damage to goods caused by

accident or by the deliberate act of a third

party

3.2 death of livestock caused by accident,

natural causes or slaughter for humane

reasons’

1 all risks of loss of or damage to the subject‐

matter insured except as excluded by the

provisions of

Clauses

4,

5,

6 and

7 below’

NB: ‘subject‐matter insured’ means insured

goods including packaging and labels

Additional

cover

5.1 loss of or damage to goods or livestock

caused by jettison

1 all risks of loss or damage

5.2 loss incurred as a result of general average

sacrifice

5.3 general average and salvage charges, in

accordance with the contract of

affreightment and the governing law and

practice, incurred in connection with

avoiding a loss covered by this policy

2 This insurance covers general average and

salvage charges, adjusted or determined

according to

the

contract

of

carriage

and/or

the governing law and practice, incurred to

avoid or in connection with the avoidance of

loss from any cause except those excluded in

Clauses 4, 5, 6 and 7 below.

Extensions to cover (applicable to local transits)

6.1 Removal of debris 27 Removal of debris


2/6

PDR ref SBOK 005220 ‐ 2011

Up to $50,000 in addition to primary loss Up to $50,000 in addition to primary loss

6.2 Delayed unpacking

Up to 90 days from delivery to unpack

goods unless cases or packages are showing

signs of damage, wetting or staining.

29 Delayed unpacking

Up to 90 days from delivery to unpack goods

unless cases or packages are showing signs of

damage, wetting or staining.

6.3 Brands

We will not sell or dispose of salvaged

branded goods without consent of Insured.

If Insured retains the goods their reasonable

salvaged value will be deducted from the

amount payable in respect of the claims

23 Brands

We will not sell or dispose of salvaged

branded goods without consent of Insured. If

Insured retains the goods their reasonable

salvaged value will be deducted from the

amount payable in respect of the claims

6.4 Acquired companies

The insurance will cover any company or

entity formed or acquired by the insured in

the period of insurance provided the

insured holds

a controlling

interest,

notifies

us within 30 days and pays any additional

premium we require.

21 Acquired companies

The insurance will cover any company or

entity formed or acquired by the insured in

the period of insurance provided the insured

holds a controlling

interest,

notifies

us

within

30 days and pays any additional premium we

require.

6.5 Packers

Insurance applies while goods in transit to

or from packers premises and while there

for maximum of one month.

38 Packers

Insurance applies while goods in transit to or

from packers premises and while there for

maximum of one month.

25 Containers

The policy will cover legal liability for physical

loss of or damage to shipping containers

and/or flat

racks

in

care

custody

and

control

up to a limit of $25,000 in addition to the

sum insured.

26 Container demurrage charges

The policy will cover demurrage charges or

late fees for late return of containers when

they are retained for inspection following a

claim to a maximum of $50,000 in addition

to the sum insured

32 Exhibition/demonstration

The policy

will

cover

subject

‐matter

insured

(including stands, fixtures, fittings and

exhibition equipment)

While at exhibition premises for up to

$200,000 in addition to the sum insured

Expenses arising from failure of exhibitor to

exhibit goods as a result of loss under clause


3/6

PDR ref SBOK 005220 ‐ 2011

1 to a limit of $10,000 in the aggregate

during the policy period but excluding

consequential loss

35 Hotel/motel clause

In the

event

the

insured

is

obliged

to

stay

overnight in a hotel/motel anywhere within

Australia the subject matter insured remains

covered provided it is in a vehicle which is

locked and parked within the hotel/motel

complex and not in the street.

36 Labels

In the event of loss or damage to labels or

wrappers caused by an insured peril we will

not be liable for more than the cost of new

labels, capsules or wrappers and the cost of

re‐labelling

but

only

up

to

the

sum

insured

39 Pollution

We will pay for loss or damage to the subject

matter insured caused by government

authorities acting in the public interest to

prevent or mitigate a pollution hazard or

thereat following a risk insured under this

policy to the subject ‐matter insured.

44 Sorting charges

The policy will cover costs incurred if the

insured is

instructed

to

separate

shipping

packages to ascertain the cause of loss or

damage to the subject‐matter insured. These

costs will be paid by us whether or not a

claim under the policy is paid.

Limits

on

cover

7 The insurance is limited to the sum insured

stated in the schedule for any one loss or

series of losses arising from the same event.

The Insured must first bear any excess

2 The insurance is limited to the sum insured

stated in the schedule for any one loss or

series of losses arising from the same event.

The Insured must first bear any excess

Exclusions

8.1 ordinary leakage, ordinary loss in weight or

volume or inherent vice of the goods

4.2 ordinary leakage, ordinary loss in weight or

volume, or ordinary wear and tear of the

subject‐matter insured

4.4 loss damage or expense caused by inherent

vice or nature of the subject‐matter insured


4/6

PDR ref SBOK 005220 ‐ 2011

8.2 delay, loss of market or consequential loss

of any description

4.5 loss damage or expense caused by delay,

even thought the delay be caused by a risk

insured against (except general average)

8.3 mechanical, electrical or electronic

breakdown or malfunction where there is

no external

evidence

that

an

insured

event

has occurred

46 mechanical, electrical or electronic

breakdown or malfunction where there is no

external evidence

that

an

insured

event

has

occurred

8.4 the absence, shortage or withholding of

labour of any description resulting from any

description resulting from any strike,

lockout, labour disturbance, riot or civil

commotion

7 In no case shall this insurance cover loss

damage or expense

7.1 caused by strikers, locked‐out workmen, or

persons taking part in labour disturbances,

riots or civil commotions

7.2 resulting from strikers, lock‐outs, labour

disturbances, riots or civil commotions,

8.5 war or warlike activities which means

invasion, act of foreign enemy, hostilities

(whether war is declared or not), civil war,

rebellion, revolution, insurrection or civil

strife following any of these

6 In no case shall this insurance cover loss

damage or expense caused by

6.1 war, civil war, revolution, rebellion,

insurrection or civil strife arising therefrom,

or any hostile act by or against a belligerent

power

6.3 derelict mines, torpedoes, bombs or other

derelict weapons of war

8.6

expropriation which

means

the

lawful

seizure, confiscation, nationalisation or

requisition of goods or livestock

6.2 capture,

seizure,

arrest

restraint

or

detainment (piracy excepted), and the

consequences thereof or any attempt

thereat

8.7 anything nuclear or radioactive, meaning

the ionising radiations from or the

radioactive, toxic, explosive or other

hazardous or contaminating properties of

any radioactive matter or nuclear waste,

weapon, device, fuel, installation, reactor or

any component of these. However, this

exclusion does

not

apply

to

radioactive

isotopes carried for agricultural,

commercial, medical or scientific purposes.

Institute Radioactive Contamination, Chemical,

Biological, Biochemical and Electromagnetic

Weapons Exclusion Clause

8.8 any chemical, biological, bio‐chemical or

electromagnetic weapon

4.7 loss damage or expense directly or indirectly

caused by or arising from the use of any

weapon or device employing atomic or

nuclear fission and/or fusion or other like

radioactive force or matter.


5/6

PDR ref SBOK 005220 ‐ 2011

8.9 terrorism, unless caused by a terrorist or

any person acting from a political motive

while the goods or livestock are in transit as

defined in Clause 1, and steps taken to

prevent, suppress , control or reduce the

consequences of

any

actual,

attempted,

anticipated, threatened, suspected or

perceived terrorism.

Terrorism means any act which may, or may not,

involve the use of, or threat of, force or violence

where the purpose of the act is to further a

political, religious, ideological or similar aim or to

intimidate or influence a government (whether

lawfully constituted or not) or any section of the

public.

7.3 caused by any act of terrorism being an act of

any person acting on behalf of, or in

connections with, any organisation which

carries out activities directed towards the

overthrowing or influencing by force or

violence, of

any

government

whether

or

not

legally constituted.

7.4 caused by any person acting from a political,

ideological or religious motive.

4.3 loss

damage

or

expense

caused

by

insufficiency or unsuitability of packing or

preparation of the subject matter insured to

withstand the ordinary incidents of the

insured transit where such packing or

preparation

is

carried

out

by

the

assured

or

their

employees

or

prior

to

the

attachment

of

this

insurance (for the purpose of these

Clauses ‘packing’ shall be deemed to include

stowage in a container and ‘employees’ shall

not include independent contractors)

50

Information technology

hazards

exclusion

Excludes loss or damage to a computer

system, hardware, programme, software,

data, information repository etc unless

caused by theft, collision, sinking, grounding,

capsizing, overturning, derailment, jettison,

washing overboard, fire, lightning, explosion,

impact by aircraft or vehicle, falling objects,

windstorm, hail, tornado, cyclone, hurricane,

earthquake, volcano, tsunami, flood, freeze

or weight of snow.

Exclusion clauses

4.6

(insolvency

of

charterers

or

operators of the vessel) and 5.1.1

(unseaworthiness of the vessel) do not apply to

land transit and, therefore, have no bearing on

this comparison.

Basis

of

valuation

9 Valuing the goods or livestock

Invoice value plus any costs incidental to

3.2 Basis of valuation

Invoice value plus any costs incidental to


6/6

PDR ref SBOK 005220 ‐ 2011

insured transit not covered by the invoice.

If no invoice than market value

insured transit not covered by the invoice.

If no invoice than market value

Adjustment

of

premium

10 If the adjusted premium is higher than the

deposit premium the Insured must pay the

difference. If

the

adjusted

premium

is

lower

the Insurer must pay the difference.

However, the insurer is entitled to keep 75%

of the deposit premium

5.1 if the adjusted premium is higher the

Assured must pay the difference unless the

deposit premium

is

less

than

$25,000

and

the variation between the actual and

estimated figures is less than 10%

5.2 if adjusted premium is lower the insurer is

entitled to retain 75% of the deposit

premium.

General

conditions

11 Notification of material change 4 Notification of material change

12 Reasonable care 9 Reasonable care

13 Duties in relation to an event which may give

rise to

a claim

13 What you should do in the event of a claim

14 Settlement of claims 14 Claims settlement

15 Third parties 10 Third parties

16 Right of subrogation 12 Rights of subrogation

17 Transfer 11 Transfer

18 Cancellation 15 Cancellation

17 Other insurance

19 Law and jurisdiction

comparison table goods in transit cover a and annual marine cargo icc a

Documents