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Standard Cargo Insurance

Three basic policies (in the old cargo clauses)

» Institute Cargo Clauses (all risks)

The term all risks is misleading as not all the risks are covered. The all risks (a.r.) is the broadest form of coverage commonly encountered in exporting. It covers all risks of physical loss or damage from any external causes irrespective of percentage. If the assured wishes to be covered against the risks of war, strikes, riots, and civil commotions, the insurer deletes the exclusions in the institute cargo clauses and endorses the special clauses, that is, the institute war clauses and institute strike clauses, on the insurance policy and the assured pays an additional premium.