Marine Takaful is one of the oldest forms of Takaful. Marine Cargo Participant Membership Documents (PMDs) cover loss of and/or damage to the covered goods carried by sea, by air and rail/road transit. Marine Cargo Takaful is divided mainly into three segments.
The covers with respect to Import and Export are to be provided as per Institute Cargo Clauses A, B and C.
(a) Institute Cargo Clause “A”
It covers all risks of loss or damage to Cargo being transported by Sea or by Air with certain exclusions under the institute cargo clause “A”.
(b) Institute Cargo Clause “B”
It is the intermediate level of cover which provides coverage against loss or damage to the cargo against following perils:
Under Cargo clause “B” other perils can be extended as required to the Insured by charging as additional premium.
(c) Institute Cargo Clause “C”
It is the basic level of Cover which provides coverage against loss or damage to the cargo against following perils:
The covers with respect to Inland transit isto be provided as per Rail/Road Cargo Clauses A and B.
(a) Rail/Road Cargo Clause “A”
It covers all risks of loss or damage to cargo except exclusion as mentioned in the Rail/Road Cargo Clause “A”.
(b) Rail/Road cargo Clause “B”
It covers loss or damage to the cargo against the following perils: