Marine Insurance
Floating Policy
A marine insurance policy where only the amount of claim is specified and all other details are omitted till the time the ship embarks on its journey, is known as floating policy. For clients who undertake frequent trips of cargo transportation through waters, this is the most ideal and feasible marine insurance policy.
Time Policy
A marine insurance policy which is valid for a specified time period - generally valid for a year - is classified as a time policy.
Mixed Policy
A marine insurance policy which offers a client the benefit of both time and voyage policy is recognized as a mixed policy.
Open (or) Un-valued Policy:
In this type of marine insurance policy, the value of the cargo and consignment is not put down in the policy beforehand. Therefore reimbursement is done only after the loss to the cargo and consignment is inspected and valued.
Port Risk Policy
This kind of marine insurance policy is taken out in order to ensure the safety of the ship while it is stationed in a port.
Cargo Insurance
caters specifically to the cargo of the ship and also pertains to the belongings of a ship's voyagers.
Voyage Policy
kind of marine insurance policy which is valid for a particular voyage.
Hull Insurance
mainly caters to the torso and hull of the vessel along with all the articles and pieces of furniture in the ship. This type of marine insurance is mainly taken out by the owner of the ship in order to avoid any loss to the ship in case of any mishaps occurring.
Freight Insurance
offers and provides protection to merchant vessels' corporations which stand a chance of losing money in the form of freight in case the cargo is lost due to the ship meeting with an accident. This type of marine insurance solves the problem of companies losing money because of a few unprecedented events and accidents occurring.
Wager Policy
one where there are no fixed terms of reimbursements mentioned. If the insurance company finds the damages worth the claim then the reimbursements are provided, else there is no compensation offered. Also, it has to be noted that a wager policy is not a written insurance policy and as such is not valid in a court of law.
Valued Policy
the opposite of an open marine insurance policy. In this type of policy, the value of the cargo and consignment is ascertained and is mentioned in the policy document beforehand thus making clear about the value of the reimbursements in case of any loss to the cargo and consignment.
Liability Insurance
type of marine insurance where compensation is sought to be provided to any liability occurring on account of a ship crashing or colliding and on account of any other induced attacks.
