Marine Insurance

☑️ Floating policy
Large exporters may choose an open policy, sometimes referred to as a blanket policy, when it comes to Floating Marine Insurance rather than purchasing Insurance for each shipment separately. One-time Insurance that covers any shipments made during the predetermined time frame—typically a year—is known as an open policy. Periodically (for example, once a month) the exporter may be required to disclose the specifics of all shipments made during that time, including the kind of commodities, the modes of transportation, the destinations, etc.

☑️ Voyage policy
Only one lot or consignment may be covered by a particular policy. Each time a shipment is transported abroad, the exporter must buy Insurance coverage. The disadvantage is that each time an exporter sends a consignment, more time and effort are required. On the other hand, shipments are automatically insured under open policies.

☑️ Time policy
In Marine Insurance, time policies are typically granted for a year. One may extend to finish a particular excursion or issue for more than a year. However, it usually lasts for a set amount of time. In India, time policies for Maritime Insurance can only be issued once a year.

☑️ Mixed policy
Voyage policy and time policy are two examples of mixed policies.

☑️ Named policy
One of the most common types of Marine Insurance Policy is named policy. The insurance document states that the policy issued is in the ship’s name and includes the ship’s name.

☑️ Port Risk policy
The purpose of this regulation is to protect the ship when it is anchored in a port.

☑️ Fleet policy
One insurance covers a number of the company’s or owner’s ships. Hence it has the benefit of being able to cover even older ships. The policy is time-based as well.

☑️ Single Vessel policy
Only one vessel is covered by the Marine Insurance Policy with a Single Vessel Policy.

☑️ Blanket policy
When purchasing this policy, the policyholder must pay the maximum protection amount.