Damage to and theft of goods during transit is not unknown. The Transit Insurance policy provides cover for any goods when in transit including temporary warehousing.
ICC A & ITC A are All Risk Marine covers for goods in transit. The policy covers all risks to the cargo except the exclusions mentioned in the policy. The illustrative list of risks to the cargo which are covered by an ICC A policy are:
Fire or explosion
Stranding, grounding sinking, capsizing
Over turning or derailment
Collision or contact of vessel craft or conveyance with any external object other then water
Discharge of cargo at point of distress
General average
Jettison
Earthquake, volcanic eruption or lightning
Water damage by entry of sea/ river water
Total loss of package lost overboard
Total loss of package dropped during loading and unloading
Breakage
Scratching, chipping, denting, bursting
Theft
Malicious damage
All water damage including rain damage
Additional cover
SRCC
The main exclusions are:
Willful misconduct,
Ordinary leakage /loss of volume/weight,
Insufficient packing,
Delay,
Inherent vice of the cargo,
Insolvency of transporter,
War & SRCC (These risks can be covered on payment of extra premium)