How Many Kinds Of Marine Policies?

In voyage policy the subject matter is insured for a specified voyage. The time is not considered at all. Time policy subject matter is insured for a specified period of time. Mixed policy is a combination of voyage and time policies. It covers the risk of loss during a particular voyage for a specified time. Valued policy the value of goods is stated. In case of total loss the insurer is liable to pay the total sum assured without demanding the proof of actual loss. Unvalued policy the value of subject matter is not mentioned, in case of loss the owner proves the value of goods and the insurer is liable up to actual loss.

    Floating policy is the insured amount is mentioned. The name of ship and description of cargo are declared at the time of actual loss. It is issued to cargo owners who regularly make shipments. Block policy covers the risk of loss from the production of goods to the port of destination. It is suitable for those businessmen who are busy in mining business. This policy covers other risks also in addition to the risks of sea routes. The fleet policy covers the risk of all ships owned by a company. The owner of many ships may buy a single policy to provide protections to all the ships instead of buying different policies for each ship. A marine policy may be assigned unless it contains terms prohibiting assignment. Such assignment may be made before or after loss.