Insurance Cover for Hazardous Cargo

The very nature of hazardous cargo represents unique insurance risks during the transportation process; our markets possess such distinct specialities in the industry, they understand the complexities involved in coordinating such shipments and are in a position to work hand in hand with customers to ensure the smooth process by advising on the unique risks typically involved in this type of shipment. Hazardous material, as with any item or chemical which, when being transported or moved in commerce is a risk to public safety or the environment, is regulated as such. In addition, hazardous materials in transport are regulated by the International Maritime Dangerous Goods Code; Dangerous Goods Regulations of the International Air Transport Association. They are considered hazardous if they produce ionizing radiation, which means those materials that produce alpha partials, beta partials, gamma rays, X-rays, neutrons, high-speed protons, and other partials capable of producing ions.

Hazardous material: is any item or agent (biological, chemical, radiological, and/or physical) which has the potential to cause harm to humans, animals, or the environment, either by itself or through interaction with other factors. Hazardous materials are defined and regulated by laws and regulations administered by Government agencies, each having its own definitions of a "hazardous material". Included is any substance or chemical which is a "health hazard" or "physical hazard" such as: chemicals which are carcinogens, toxic agents, irritants, corrosives, sensitizers; agents which act on the hematopoietic system; agents which damage the lungs, skin, eyes, or mucous membranes; chemicals which are combustible, explosive, flammable, oxidizers, pyrophrorics, unstable-relative or water-reactive; and chemicals which in the course of normal handling, use, or storage may produce or release dusts, gases, fumes, vapours, mists or smoke. Incorporated and added is any item or chemical which can cause harm to people, plants, or animals when released by spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping or disposal into the environment.

Examples of types of Hazardous and Non-hazardous Cargoes previously covered:

Underwriting terms are based on ICC Plus and Total Loss Plus, cargo insurance concepts that were designed to be the most comprehensive coverage in the Americas. ICC Plus and Total Loss Plus are based on the "English Rules" otherwise known as the Institute Cargo Clauses (ICC A, B or C); our market's exclusive ICC Plus rules expand coverage terms to offer superior protection than that permitted by the American Rules (ACC), Standard English Rules (ICC), and the German Rules of Marine Insurance (ADS).

Why ICC Plus is Superior

Why Total Loss Plus is Superior