What does SRCC stand for in insurance?
Definition. Strikes, Riots, and Civil Commotions (SR&CC) Warranty — an ocean marine coverage provision that excludes damage from strikes, riots, civil commotions, lockouts, vandalism, and sabotage, including terrorist acts and any other acts carried out for political or ideological purposes.
What is SRCC risk?
An insurance clause referring to loss or damage directly caused by strikers, locked-out workmen, persons’ participation in labor disturbances, and riots of various kinds. The ordinary marine insurance policy does not cover this risk.
What is riot insurance?
Auto Insurance: Damage to vehicles because of riot or civil commotion is covered under the Comprehensive portion of an automobile policy. This is an optional coverage, separate from Collision coverage and from the mandated Liability insurance under the Financial Responsibility Laws in California.
What is ITC A in marine insurance?
ITC A (Inland Transit Clause A) This clause would help in providing cover against all the risks of damage to the goods. Insured while they are in transit either by railway or roadways. The inland marine insurance coverage is effective from the time the goods are ready to leave the warehouse or their place of storage.
What are the 3 significant types of insurance that are involved in marine insurance?
Types of Marine Insurance Policies
- Marine Cargo Insurance. Marine Cargo insurance is a type of insurance policy that covers the loss or damages caused to marine cargo during the transit.
- Liability Insurance.
- Hull Insurance.
- Freight Insurance.
What is ITC A in insurance?
ITC A (Inland Transit Clause A) This clause would help in providing cover against all the risks of damage to the goods. Insured while they are in transit either by railway or roadways.
Is ITC available on marine insurance?
It has now been clarified that, where ITC is eligible on motor vehicles, vessels and aircrafts, the ITC on repairs & maintenance and related insurance also would be eligible.