Can You Classify Marine Insurance Policy?

Types of marine policy
The main types of marine policies based on the variety of risks covered are as under:
1) time policy
This is the policy in which the subject matter is insured for a specified period of time say from April 2007 to Dec. 2007.
2) voyage policy
It is meant to insure the subject matter for a particular voyage say from Karachi to London.
3) mixed policy
This policy covers both the time and voyage e.g. from Karachi to London for a period of four months.

4) valued policy
In this policy the value of the goods insured is agreed upon between the insurer and the insured and is written in the policy.
5) unvalued policy
A policy which does not indicate the value of the subject matter is called open or unvalued policy.
6) composite policy
It is written by more than one writer.
7) blanket policy
It is the policy which is taken for a certain amount but on the beginning of the policy the premium is paid on the whole of it.
8) floating policy
It is the policy which is used by the cargo owners.
9) port policy
It is the policy to cover the vessel when it is anchored in the port.
10) fleet insurance policy
It is designed to ensure the whole fleet of steamers or liners of a company.