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Write Short Notes on the following: Types of marine insurance policies

Write Short Notes on the following:
Types of marine insurance policies

ANSWER:

The following are some of the various types of marine insurance policies:
i. Voyage policy - In this policy, the subject matter is insured for a particular journey, irrespective of the time involved in the journey.
ii. Time policy - In this policy, the subject matter is insured for a given time period. The policy may contain a continuation clause, according to which the insurance can be extended till the voyage is completed or till the ship arrives at the port.
iii. Mixed policy - This policy is a combination of the time policy and the voyage policy. It provides protection against sea perils for a particular voyage and for a fixed period of time.
iv. Valued policy - In this policy, the insurance is of a fixed amount as agreed upon by the insurer and the insured.