Trade · 6 pages · 12 min
Why cargo insurance has exclusions
A cargo policy pays for named kinds of loss and leaves ordinary, expected, or uninsurable failures outside.
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From the opening
Cargo insurance excludes losses that the trade treats as inevitable, as the shipper's own doing, or as a different kind of risk that must be bought separately. The premium is priced for the perils that remain, not for every way a shipment can disappoint someone. The opening covers inherent vice stays with the goods, delay is usually outside, and war and strikes sit apart.
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Inside
- Inherent vice stays with the goods
- Delay is usually outside
- War and strikes sit apart
- A deductible is not an exclusion
- Where the idea stops applying
- A distinction worth keeping
Sources
- Institute Cargo Clauses exclusions
- Inherent vice in marine cargo