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TYPE OF MARINE INSURANCE POLICIES

Updated on October 22, 2009

The major types of marine insurance policies are

1. Time policy

A time policy is taken for definite period of time, usually not exceeding 12 months say from January 1, 1981 to December 31, 1981. This policy is most suitable for hull insurance.

2. Voyage policy

Where the subject matter is insured for a specific voyage, say from Karachi to Port Saeed it is named as voyage policy.

3. Mixed policy

This policy is the combination of time and voyage policy. It, therefore, covers the risks for both particular voyage and for a stated period of time.

4. Floating policy

Floating policy is taken for a relatively large sum by the regular suppliers of goods. It covers several shipments which are declared afterwards along with other particulars. This policy is most situated to exporter in order to avoid trouble of taking out a separate policy for every shipment.

5. Valued policy

Under its terms the agreed value of the subject matter of insurance is mentioned in the policy itself. In case of cargo this value means the cost of goods plus freight and shipping charges plus 10% to 15% margin for anticipated profit. The said value may be more than the actual value of goods.

6. Unvalued policy (Open Policy)

Where the value of the subject matter of insurance is not declared but left to be ascertained and proved later it is called unvalued policy.

7. Builder's risk policy

This policy is issued for more than one year. This covers the risk of damage to vessels from the time its construction commences until its trail is completed.

8. Blanket policy

Under the condition of the blanket policy the maximum limit of the required amount of protection is estimated which is purchased in lump sum. The amount of premium is usually paid in advance. This policy describes the nature of goods insured, specific route, ports and places of the voyages and covers all the risk accordingly.

9. Port risk policy

This policy covers all the risk of a vessel while it is standing at a port for particular period of time.

10. Wager policy

Where the assured has no insurable interest in the subject matter of insurance that is know as wager policy. As this policy has no legal effect so it cannot be taken to a court of law. If underwrite refuses to accept the claim the policy holder cannot take any legal action against him. It is, therefore, also called as gambling policy.

11. Special hazards policy

This policy covers special risks incident to piracy and war. It provides protection to insured under agreement against seizure, capture, detention and other war risks.

12. Composite policy

This type of policy is purchased from more than one under writers. If there is no any motive of fraud then insured will be indemnified by each under writer separately in case of loss.

13. Block policy

This policy is particularly purchased to gold diggers. It covers all the risks of damage to gold from the time of its recovery to its distinction. This types of policy has been introduced in Africa and is very popular in the mine fields of gold.

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    • profile image

      pramodhini A 4 years ago

      i has learned new things.thank you,please give detail or more information about all the matters.

    • profile image

      ronnie 4 years ago

      nice!

    • Deepa Shree Raju profile image

      Deepa Shree Raju 4 years ago

      thanks for the information which was complicated to understand!

    • profile image

      mage.s 4 years ago

      thank you

    • profile image

      balakrishnan.k 4 years ago

      that matter is very nice but i thingking about higly make asome poind

    • profile image

      srinjay bajpayee 5 years ago

      bhenchodn madherchod..........................

    • profile image

      viji 5 years ago

      nice thank you

    • profile image

      bbasujon 5 years ago

    • profile image

      Ikuomola oluwafemi 5 years ago

      Pls i nd ur help, omojuwa marine polices

    • profile image

      Linkon_SBC 5 years ago

      Pleased to read.

    • nilum profile image
      Author

      nilum 5 years ago

      Thanks you Dear

    • profile image

      Gloria 5 years ago

      Nice work

    • profile image

      Amber 6 years ago

      Really helpful for understanding

      nice job...

    • profile image

      Sanjiv 6 years ago

      I Have read about Composite POlicy defined by yOu, I M totally confused about same. You said that insured insured will be indemnified by each under writer separately in case of loss.

      How it is possible? where is the Contribution cluase gone? Please clarify

    • profile image

      vinod 6 years ago

      nice answers

    • profile image

      rick 6 years ago

      hey u not mentond

      PPI ploicy

      fleet policy

      currency policy

      named policy

      ssl poicy

    • profile image

      Yinka 6 years ago

      Kudos to you for the wonderful work,keep it up

    • profile image

      Akhilesh 6 years ago

      four types are there fire marine moter and misc

    • profile image

      RIYA 6 years ago

      PLZZ RYT MORE ABT TYPES OF INSURANCE

    • profile image

      nisha 6 years ago

      plz try 2 write abt types of marine insurance

    • profile image

      Anisa.Kazi 7 years ago

      thanks a lot.. Nilum..

      I wanted to know about types of marine insurance policy... N nw I got my answer..thank u

    • nilum profile image
      Author

      nilum 7 years ago

      Thanks vinay

    • profile image

      vinay 7 years ago

      Very good efforts. Please continue

    • nilum profile image
      Author

      nilum 8 years ago

      I would surely try my best to write !

    • profile image

      milk 8 years ago

      hey plzz ryt more abt claims procedure..

    • nilum profile image
      Author

      nilum 8 years ago

      lyricsingray

      Thank u for liking it and appertaining my work

    • profile image

      lyricsingray 8 years ago

      Now I may not need a Marine Insurance Policy but I love how you wrote about it in terms that one can understand. Insurance can get so confusing in the details. But not yours, thanks for that, Kimberly