A contract of indemnity where
by the insurer under takes to compensate the insured against perils insures. In
this policy the sea perils are protected.
Types of marine insurance
Following are the types of
marine insurance are as under.
·
Voyage policy:
In this policy subject matter is insured for a specific voyage if
subject matter reaches to its destination safely then the responsibility of
insurance company is finished in case of loss due sea perils insurance company
compensates the loss.
·
Time policy:
Under this policy subject matter is insured for a
specific period but this period is not more than twelve month s. if the cargo
is damages during this period the insurance company is responsible to
compensate the loss.
·
Mixed policy:
This policy is the combination of time and voyage
policy it covers the risk of both.
·
Block policy:
Gold diggers generally purchase this policy it covers
all the risk of damage to the gold from the time of its recovery to arrival to
its distinction.
·
Valued policy:
The policy in which the value of cargo is written in
the policy.
·
Un valued policy:
The value of cargo is not written in this policy.
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