Marine Cargo Insurance in Pakistan | Cometinsure

Cargo Insurance

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Frequently Asked Questions about Cargo Insurance

Cargo Insurance covers loss or damage to the shipment (consignment) being transported by any or multiple mode of conveyance from anywhere to anywhere. Insurers use internationally recognized Institute cargo clauses to cover the required level of covers. Cargo insurance basic cover usually includes the following.
  • Fire or explosion
  • Vessel or craft being stranded grounded sunk or capsized
  • Overturning or derailment of land conveyance
  • Collision or contact of vessel craft or conveyance with any external object other than water
  • Discharge of cargo at a port of distress
  • General average sacrifice
  • Jettison
  • Earthquake volcanic eruption or lightning
  • Washing overboard
  • Entry of sea lake or river water into vessel craft hold conveyance container or place of storage
  • Total loss of any package lost overboard or dropped whilst loading on to, or unloading from, vessel or craft
In addition to above, all Institute Cargo Clauses insured the following standard coverage clauses;
  • Constructive Total Loss
  • Actual Total Loss
  • Particular Average i.e. Partial Loss by an insured peril
  • General Average
  • Collision Liability
  • Expenses such as Reconditioning Costs, Survey Fees, Forwarding Expenses, Sue and Labor, etc.
Marine Cargo Insurance is also called Cargo Insurance. Cargo Insurance is a terminology used for all kinds of shipment whether they involve Sea & Air shipment or are limited to Land Transits. However, Marine Cargo Insurance is usually used when there is sea or air voyage, at least to a limited extent.
Cargo insurance is necessary to protect the cargo interest against inevitable losses that occur during the transportation of goods. As a rule of thumb, if you have financial interest in the goos being transported, you need Cargo Insurance. Following are some examples will help you understand if you are in need of Marine Cargo Insurance;
  • Businesses purchasing machinery, equipment or furniture on Letter of Credit (LOC) through Bank.
  • Logistic companies carrying good of others
  • Individuals transporting personal good
  • Businesses transporting warehouse stock to showroom
  • Motor Traders Importing vehicles
Not only the shipment owner, but various other companies with the financial interest in the shipment or risk of liability during transportation can buy Cargo Insurance Policy. Following are some examples of the potential buyers of Cargo Insurance Policy.
  • Shipment Owner
  • Carrier
  • Courier & Delivery Service Companies
  • Freight Forwarder
  • Contractors
  • Buyer & Seller of Goods, Machinery, Equipment etc.
Claims are processed and settled by insurance company once the appointed surveyor has conducted survey of the damaged cargo and submitted to insurer. During the process, to ensure fair treatment with customers, Comet acts on your behalf and assist in claims process until the settlement is received by our customers (if engaged from Claims Support section on the website). Comet has also made insurance claims process easy and less time consuming for it’s customers. As soon as you become aware of the incident that could be valid claim, take the following immediate action;
Claims Process
  • Notify your insurer immediately by means specified on the policy. You can also notify Comet by any of the following ways;
    • Call our 24/7 Customer Service Centre on 0334-26638-21
    • Chat with our Customer Service Centre
    • Register claim on Claims Support section
    • Send us an email on
  • Our Customer Service Centre assists in completion of claim form and required documents.
  • Our representative will accompany insurer’s appointed surveyor to conduct survey.
  • We get your claim settled by insurer.
Claim Advice
  • Do not discard, move, change condition of the damaged cargo until inspected by the insurer’s appointed surveyor and advised in writing.
  • Do not admit liability in case third party is involved.
  • Do not leave the cargo unattended at any time.
  • Take speedy and all reasonable measures to avert or minimize any loss/damage (i.e. act as if the cargo is uninsured)
The following are the main standard exclusions of Marine Insurance;
  • Willful misconduct
  • Ordinary leakage (i.e. loss of weight, volume or wear & tear)
  • Inappropriate packing
  • Loss or damage due to any financial default or insolvency of the vessel owner, operator and etc.
  • Loss caused due to the delay of cargo
  • Any kind of inherent flaws
  • War and strikes, riots & civil commotion
  • Unworthiness of vessel

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0334-26638-21 (KHI)
0335-42-26638 (LHR)