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Types of Marine Policies

This document outlines 15 different types of marine insurance policies: 1) Voyage policies insure cargo for a specific voyage. 2) Time policies provide coverage for a set period of time, usually under one year. 3) Valued policies specify an agreed value for the insured item that will be paid in the event of a loss. 4) Open policies do not state a value, which will instead be determined when a loss occurs. 5) Mixed policies cover cargo for both a specific voyage and time period. 6) Floating policies insure multiple shipments that are later specified. 7) Wager policies insure items without insurable interest and resemble gambling contracts. 8) Fleet policies cover multiple ships belonging to one owner.

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1K views3 pages

Types of Marine Policies

This document outlines 15 different types of marine insurance policies: 1) Voyage policies insure cargo for a specific voyage. 2) Time policies provide coverage for a set period of time, usually under one year. 3) Valued policies specify an agreed value for the insured item that will be paid in the event of a loss. 4) Open policies do not state a value, which will instead be determined when a loss occurs. 5) Mixed policies cover cargo for both a specific voyage and time period. 6) Floating policies insure multiple shipments that are later specified. 7) Wager policies insure items without insurable interest and resemble gambling contracts. 8) Fleet policies cover multiple ships belonging to one owner.

Uploaded by

capmaniraj
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Image: Types of Marine Insurance Policies

1. Voyage Policy: In this case the subject


matter is insured for a particular voyage.
Ex.: a voyage policy from Bombay port to
Hongkong port.

2. Time Policy: In this case the subject matter


is insured for a particular period not
exceeding twelve months. Ex., a time policy
from 1st January, 2016 to 31st July, 2016.

3. Valued Policy: In this case, the agreed value


of the subject matter is insured. In the event
of loss the Insurer pays only for the loss not
exceeding the value mentioned in the policy.

4. Open or Unvalued Policy: In this case the


value of the subject matter is not specified. It
will be ascertained at the time of actual loss.

5. Mixed Policy: In this case the subject matter


is insured for a particular period and for a
certain voyage. Ex. Mixed Policy may be
taken covering the voyage from Bombay to
Hongkong not exceeding 30 days.

6. Floating Policy: In this case the policy is


taken for a sum to cover several shipments.
The name of the ship and particulars of
shipments are declared afterwards; This
policy is also known as ‘Open Policy‘. This type
of policy cannot be issued for immovable
property.

7. Wager or Honour Policy: In this case the


subject matter is insured without the
assured having any insurable interest and
hence the policy is void. It resembles a
wagering contract. Losses are indemnified
depending upon the honour of the Insurer.
Hence it is also known as ‘Honour Policy‘.

8. Fleet Policy: It is the policy under which


several ships belonging to one owner are
insured under the same policy.

9. Block Policy: In some case, the businessmen


may be interested in insuring the risks of
land and sea. A single policy covering all the
risks of rail, road, and sea transport is
known as block policy.

10. Port Policy: Generally owners of the ships


take this policy. It covers the risk of the ship
when it is in a port during a specified period.
11. Single Vessel Policy: This policy covers the
risk of one vessel of the insured.

12. Named or Specific Policy: This policy


contains the name of the ship by which the
shipment is made and the policy covers risk
of that particular ship.

13. Port Risk Policy: It covers risks associated


with loss when the ship is anchored in a
port.

14. Currency Policy: It is a policy issued in


foreign currency. For e.g. if a policy issued
for an Indian ship is in terms of dollars, it is
known as currency policy.

15. Blanket Policy: It is a policy which is issued


for an amount of maximum protection. The
entire amount of premium is collected at the
time of grant of policy and is readjusted at
the end of the term of the policy in
accordance with the actual amount at risk
during the term.

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