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The scope of cover is defined under the Institute Cargo Clauses. There are three (3) basic forms of cover namely ICC (A), ICC (B) and ICC (C). I.Institute Cargo Clause (All Risks) – ICC (A): This is the widest form of marine cargo insurance that covers all insurable risks unless otherwise excluded (All Risks) e.g. wilful misconduct of the insured, ordinary leakage, unseaworthiness, Inherent Vice. II. Institute Cargo Clause (B) – ICC (B): It is based on a named risk basis. a) It provides cover for loss or damage of insured cargo attributable to: •Fire or explosion •Stranding, grounding, sinking, capsizing •Overturning/derailment of land conveyance •Collision or contact of vessels •Discharge of cargo at port of distress •Earthquake, volcanic eruption or lightening b) Loss or damage caused by •General average sacrifice •Jettison/Dumping of goods •Washing overboard •Entry of sea water •Total loss of package overboard during loading/unloading c) General Average d) Both to blame III.Institute Cargo Clause (C) - ICC(C): This is the least form of cover on a named perils basis which covers only loss or damage of insured cargo reasonably attributable to: •Fire or explosion •Vessel or craft being stranded grounded sunk or capsized •Overturning or derailment of land conveyance •Collision or contact of vessel craft or conveyance with any external object other than water •Discharge of cargo at a port of distress •Loss or damage caused by General Average Sacrifice / Jettison / dumping of goods
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