MARINE INSURANCE POLICIES

MARINE INSURANCE POLICIES

1. Time policy - not exceeds 12 months - only for hull.
2. Voyage policy - suitable for cargo insurance + covers risk in transit
3. Mixed policy or time & Voyage policy - subject matter + Voyage + Time duration
4. Valued policy - value of subject matter in advance. It includes
            a. Invoice price
            b. Freight
            c. Shipping charges
            d. Insurance charges
            e. Certain percentage (%) of profit is added
5. Un-valued policy - insurable value is decided later on the
            a. Invoice price
            b. Freight
            c. Shipping charges
            d. Insurance charges
            e. No Profit is added
6. Floating policy - Long term cargo insurance contract insured to take every shipment. Sufficient lump sum is declaration is made in order of dispatch of shipment until sum assured is fully exhausted.
7. Blanket policy - maximum amount of protection required is estimated & policy is purchased. Example Policy taken for goods worth 100000 but goods worth 120000 is to be secured, and then additional premium for goods worth 20000 is charged.
8. Freight policy - A huge numbers of vessels under a single policy
9. Named Policy - Also known as quick specific policy, issued by mentioning the name of the ship or express and value of the cargo.
10. Currency policy - advantage to avoid fluctuations in foreign exchange, sum assured is paid in foreign currency. Fixed amount to policy holder in the event of violent fluctuations.
11. Payment protection insurance (PPI) - Also known as Honored 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.