CHAPTER 14 INTERNATIONAL MARINE CARGO TRANSPORT INSURANCE

Perils and Losses in Marine Transport

Ocean Marine Cargo Clauses of the CIC Institute Cargo Clauses (ICC) Export and Import Insurance Practice in China

§1Perils and Losses in Marine Transport 1、Perils and risks

Perils refer to the risks that happen to the ship as well as goods in the process of transport or the attached maritime transport, including natural disasters and accidents. In the insurance business, perils are specified as:

In the insurance business • Damages from the natural forces, such as sever weathers like lightening, tsunami, earthquake, flood, the drift ice storm, etc.

Accidents caused by unanticipated reasons, such as ship grounding, striking a reef, sinking, missing, or collision with other ships, floating ice or other objects.(ship involved)

• Extraneous risks

General external risks: caused by stealing, the rain, short volume, contamination, leakage, breakage, tainting by odor, moisture, rust attributable, hook and such reasons.

Special extraneous risks: for war, strike riots, failure to delivery, rejecting goods and other reasons.