Marine and Hull Policies:
- Voyage Policy: A voyage policy is that kind of marine insurance policy which is valid for a particular voyage.
- Time Policy: A marine insurance policy which is valid for a specified time period – generally valid for a year – is classified as a time policy.
- Mixed Policy: A marine insurance policy which offers a client the benefit of both time and voyage policy is recognized as a mixed policy.
- Open Policy: Open Coverage Policy.
- Unvalued Policy: In this type of marine insurance policy, the value of the cargo and consignment is not put down in the policy beforehand. Therefore, reimbursement is done only after the loss to the cargo and consignment is inspected and valued.
- Valued Policy: A valued marine insurance policy is the opposite of an open marine insurance policy. In this type of policy, the value of the cargo and consignment is ascertained and is mentioned in the policy document beforehand, thus making clear about the value of the reimbursements in case of any loss to the cargo and consignment.
- Floating Policy: A marine insurance policy where only the amount of claim is specified and all other details are omitted till the time the ship embarks on its journey, is known as floating policy. For clients who undertake frequent trips of cargo transportation through waters, this is the most ideal and feasible marine insurance policy.