Every year importers lose 5-figure claims because they assumed the forwarder or seller had "insurance." They almost never do — CIF only covers ICC(C), the most limited policy in the market. This guide explains real cargo insurance for 2026 Thailand imports.
ICC Clauses Explained (Institute Cargo Clauses)
| Clause | Coverage | 2026 Premium |
|---|---|---|
| ICC (A) — All Risks | Broadest, covers most physical loss/damage | 0.20–0.55% of CIF value |
| ICC (B) | Named perils (fire, sinking, derailment, etc.) | 0.15–0.35% |
| ICC (C) | Very limited — sinking, fire, jettison only | 0.08–0.20% |
Always buy ICC(A) unless your goods are bulk raw materials on a dedicated charter.
What CIF/CIP Actually Gets You
The seller under CIF is only obligated to buy ICC(C) at 110% of invoice value. Water damage, theft, container falls overboard partial-loss claims — mostly excluded. Under CIP (2020) rules the default is ICC(A), which is better — insist on CIP over CIF if you can.
Common Claim Scenarios from Thailand
- Wet damage — monsoon season (May–Oct) container tops leak; ICC(A) covers, (C) doesn't.
- Theft during transshipment at Singapore or Colombo — need "all risks."
- Contamination — food/cosmetics shipped near chemical containers; specific clause required.
- General Average — vessel accident (e.g., Ever Given). ALL cargo owners pay a share — without insurance you post a cash bond.
How to File a Successful Claim
- Photograph container seal number before breaking it
- Note damage on delivery receipt (Do NOT sign "clean")
- Report to insurer within 3 days
- Get surveyor before moving cargo further
- Keep BL, commercial invoice, packing list, and origin cert
Premium Cost Example
$50,000 shipment of Thai kitchenware to LAX under ICC(A):
- Premium: $50,000 × 0.30% = 50
- Deductible: usually $250–500
Cheap protection for tens of thousands in cargo.
FAQ
Q: Can I buy insurance after the goods leave port? A: Not from most insurers — coverage must attach at origin warehouse. Some open-cover policies allow late declaration; ask your broker.
Q: Does insurance cover customs seizure or delays? A: No. Physical loss/damage only. Customs risk needs a separate customs bond.
Q: Does TUSKO arrange insurance? A: Yes — we bind ICC(A) at 110% CIF value through our broker and share the certificate before departure. Get in touch.
Related: Incoterms 2020 · Freight Forwarder Guide · Payment Terms