||Marine cargo insurance is governed by rates provided by marine tariff and all companies operating in Nepal can do business on these rates only.
Marine insurance covers transit by any modes of transit like, sea transit, inland waterways, land transit by road/rail vehicle, registered post transit.
The scope of cover depends upon type of clauses attached with the policy. These clauses can broadly be grouped under two categores:
1. Institute Cargo Clauses also known as I.C.C.
2. Inland Transit Clauses also known as I.T.C.
These clauses are further classified in three broad categories: A,B and C.
C Clause provides for Basic cover, B provides for wider cover and A provides for All Risk cover with certain exclusions.
I.C.C. clauses are attached when the transportation involves sea/ocean journey.
I.T.C. clauses are normally used for transit involving inland transport only.
Strike and terrorist damages can be covered in inland transit clauses by attaching S.R.C..C. Clauses.
War risk can be covered with I.C.C.clauses by attaching W.S.R.C.C.clause.