Question

What are the different types of marine insurance policies?

Answer 1

Different types of marine insurance policy are

Voyage policy,

Time policy,

Mixed policy,

Valued policy,

Open or unvalued policy,

Port Risk policy,

Wagering policy.

Voyage policy is valid only for a particular voyage on the sea, mainly for the cargo. Time policy is issued for a fixed time period, mostly for a year. Mixed policy is a combination of voyage and marine policy.

In Valued policy, the total value of the insured cargo is mentioned; while in Open or unvalued policy no such valuation is needed.