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Sunday, 26 June 2011

Explain the various types or kinds of marine insurance policy

Following are the main marine policies :

1. Voyage Policy :-
Under this policy subject matter is Insured for a specific voyage subject matter reaches to its destination safely then the responsibility of insurance company is finished case of loss due to sea perils. Insurance company compensates maximum to its insured amount.

2. Time Policy :-
Under this policy subject matter is insured for a specified period. But this period is not more than twelve months. If the cargo is damaged during this period the insurance company is responsible to compensate the loss.

3. Mixed Policy :-
This policy the combination of time and voyage policy. It covers the risk of both.

4. Block Policy :-
Gold diggers generally purchase this policy. It covers all the risks of damage to gold from the time of its recovery to arrival to its destination.

5. Valued Policy :-
In this marine insurance policy admitted value of the cargo is written in the policy itself.

6. Undervalued Policy :-
The value of cargo is not declared in the policy, In case of loss the value is assessed and insurance company compensates the loss.

7. Floating Policy :-
Regular supplier of goods generally purchase this policy. It covers the risks of several shipments. The name of any ship is not declared,whenever shipment takes place company is informed. An exporter saves himself from trouble of taking separate policy for every shipment.

8. Ship Builder's Risk Policy :-
Under this policy risk of damage to ship is covered from its construction to completion. This policy is issued for more than one year.

9. Port Risk Policy :-
This policy is purchased to cover all the risk of a ship when it is standing on a port for a particular period.

10. Special Danger Policy :-
This policy protects the insured against capture detention and war risks.

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