What does a marine insurance policy typically cover?

Institute Cargo Clauses (ICC) come in three levels:

ICC (A) — All Risks (your policy — the best cover):
Covers all physical loss or damage to cargo except specifically listed exclusions. Exclusions under ICC(A):

• Wilful misconduct of the assured (intentional damage)
• Ordinary leakage, loss in weight/volume, inherent vice of the goods (e.g., fruit rotting naturally)
• Insufficiency of packing (you packed it poorly)
• Delay, even if caused by an insured peril
• Insolvency of the carrier
• War, nuclear risks (covered under separate War Clauses)
• Strikes, riots (need separate SRCC clauses)

ICC (B) — Named Perils (medium cover):
Covers only specific listed events: fire/explosion, vessel grounding/sinking/collision, general average sacrifice, jettison, washing overboard, earthquake/volcanic eruption/lightning.

ICC (C) — Restricted (minimum cover):
Similar to (B) but excludes earthquake, volcanic eruption, and washing overboard. The minimum required under CIF Incoterms.

What you should add to ICC(A):

• War Clauses — for cargo traversing high-risk sea zones
• SRCC (Strikes, Riots, and Civil Commotions) — for cargo at risk in politically unstable ports
• Theft, Pilferage & Non-Delivery (TPND) — especially for high-value consumer goods

File claims within the time limit specified (typically 12 months from delivery date).