Explain The Different Types of Marine Insurance Policy

Explain The Different Types of Marine Insurance Policy

 

(1) Voyage Policy - A Voyage Policy Covers' Goods for a Particular Voyage Only. Goods are usually covered under a voyage policy.

 (2) Time Policy: - The Time Policy Insures Goods and Hulls of Ships for a Particular PERIOD Of TIME. Hulls of ships are generally insured under a Time Policy 

(3) Mixed Policy: - Unti Policy Insures Goods for a Specified Voyage and F 

(4) Valued Policy: - It is a policy in which the agreed value to be paid in case of loss of goods insured is stated. 

(5) Unvalued Policy - In Such A Policy, The Value of Goods is not noted. IT is Left to be done at the Time of LOSS.

 (6) Declaration Policy - WHEN BUSINESSMEN HAVE TO MAKE FREQUENTS OF GODS TO THE SAME PLACE, THEY NATURALLY FIND IT INCONVENI So doy take out a floating or declaration policy for seome larger amount equal to the total value of shipments during a certain period, Each Shipment is Declared to the broker and the amount of declaration iswritten off the policy. When the total amount of declarations so written off reaches The sum insured, a new policy has to be taken out. For Writing Particulars of Each Shipment, Forms KNOWN AS Declaration Forms Are supplied by the Company. 

(7) Open Policy: - This Policy ALSO GIVES COWER FOR A FIXED TIME. The Open Policy Insures Goods for a fixed time. Usually, twelve months. For eyeS a Separate certificate is stored in is Issued and the Premium is collected. WHEN the Time - Limit Expires, A New Policy Has to Be Taken Out. 

Areas of the Sea Are Believed to be positively dangerous to shipping during certain period. As index The Insurance Companies do not undertake seuch risks. The Are Called the Warranties of An Insurance Policy. The Baltic Warranty, for example, Where is ICE Risk After a certain date. Similar Excepts Are Made for the North Atlantic ALSO. The company the right to reefuse the claim. In England sometimes, WHEN THE RISKS ARE HEAVY, The Underwriters Reinsure their Risks With Other Make Any Profit On His Ree In All Such Cases An Underwriter is Not Permitted to ***** 0004 ****** 000 *****************

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