Marine Cargo Insurance is a class of property insurance that insures property while in transit against loss or damage arising from perils associated with the navigation of the sea or air and subsequent land and inland waterways. The Act does not specifically mention air travel nor pure land-based transits. Therefore to ensure the Act applies to all modes of transit it is usual to see a clause in the policy document confirming its authority in all circumstances.
‘Maritime perils’ means perils consequent on or incidental to the carriage of property by sea. It includes perils of the sea (sinking, stranding, collision etc), fire, war perils, pirates, thieves, capture, jettison and washing overboard and ‘…any other perils either of a like kind or which may be designated by the policy.’