Question

Write Short Notes on the following:

Types of marine insurance policies

Answer 1

The following are some of the various types of marine insurance policies:

i. Voyage policy - In this policy, the subject matter is insured for a particular journey, irrespective of the time involved in the journey.

ii. Time policy - In this policy, the subject matter is insured for a given time period. The policy may contain a continuation clause, according to which the insurance can be extended till the voyage is completed or till the ship arrives at the port.

iii. Mixed policy - This policy is a combination of the time policy and the voyage policy. It provides protection against sea perils for a particular voyage and for a fixed period of time.

iv. Valued policy - In this policy, the insurance is of a fixed amount as agreed upon by the insurer and the insured.