This policy insures the goods specified against all risks of loss or damage except for those specifically excluded. The cargo stands insured for the entire transit period, including the storage incidental to transit.

The duration of the cover is normally on a "warehouse-to-warehouse" basis and it ceases after 30 days from the date of discharge from the aircraft or reaching the final warehouse or "entering the bond" whichever occurs first.

The insurance policy pays the total/ partial loss of the property insured as long the contingency was caused by an insured peril. The insurance policy extends commercial indemnity to the insured that is disparately distinct from strict indemnity under other classes of insurance.

Valid claims are paid as per the agreed value. Claims arising from partial losses are paid on the basis of the proportionate insured value.

Expenses, reasonably incurred to avoid or minimise the loss as well as admissible survey fees incurred for ascertaining the claim are also payable.

Customs' duties and profit element are payable only if insured. They are payable on the actuals incurred and not on the agreed basis.

• The insurance policy will never pay any claim arising from any loss or damage attributable to
  
  
• Misconduct of the insured.
  
  
• Ordinary leakage, loss in weight or volume, wear and tear, inherent vices or nature of subject matter.
  
  
• Unsuitability of packing material or unfitness of the aircraft.
  
  
• Deliberate damage/ destruction of the insured goods by wrongful act of any person.
  
  
• Usage of any weapon of war employing nuclear/ atomic fission or fusion.
  
  
• Strike, riot or civil commotion.
  
  
• Terrorist activity.
  
  
• Insolvency or financial default of the aircraft owners, operators or charterers.