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MARINE INSURANCE POLICIES

Time policy – not exceed 12 months – only for hull.
Voyage policy – suitable for cargo insurance + covers risk in transit.
Mixed policy or time & Voyage policy – subject matter + Voyage + time duration.
Valued policy – value of subject matter in advance. It includes
Invoice price
Freight
Shipping charges
Insurance charges
Certain %age of profit is added
Unvalued policy – insurable value is decided later on the basis of
Invoice price
Freight
Shipping charges
Insurance charges
NO PROFIT IS ADDED
6. Floating policy – Long term cargo insurance contract saves insured to take policies of every shipment. Sufficient round sum declaration is made in order of dispatch of shipment untill sum assured is fully exhausted.

7. Blanket policy – maximum amount of protection required is estimated & policy is purchased.
Example Policy taken for goods worth 1,00,000 but goods worth 1,20,000 is to be secured, then additional premium for goods worth 20,000 is charged.

8. Fleet policy – covers number of vessels under single policy.

9. Named policy or specific policy – Name of ship + value of cargo are mentioned.

10. Currency policy – advantage to avoid fluctuations in foreign exchange, sum assured is paid in foreign currency. Fixed amount to policyholder in the event of violent fluctuations.

11. Policy proof of interest or PPI policy – Also known as honoured policy/ mutual understanding. Insurable interest is not required.

12. Port risk policy – All losses or damages to the subject matter of insurance after the arrival of the ship on the port are covered during a certain period under this policy.

13. Construction builder’s risk policy – such policies are issued for the builders of the ships and for a period exceeding one. They cover risk of vessel during the period of construction.




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