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There are various types of marine policies. These are:

The subject matter of marine insurance covers:

Insurance is a system of spreading the losses of an individual over a group of individuals. Insurance is a plan by which large number of people associate themselves and transfer the risks of an individual to the shoulders of all.

Marine insurance is concerned with overseas trade. International trade involves transportation of goods from one country to another country by ships.

A guarantee insurance is a type of insurance contract where the insurer agrees to indemnify the insured for a fixed sum against losses through fraud, dishonesty and breach of contract by a third party.

Generally, the words insurance and assurance are considered to mean the same thing but their meaning is different. The word assurance is used for like assurance policies.

Risks are regarded as the part of the business and as such these are to be faced by the business. Some risks are shifted to specialized institutions like insurance company

There are various ways in which risks can be reduced. The following are some of the major risks reduction measures:

The possibility of some unfavorable occurrence is termed as business risks. it denotes the chances of loss.

Transportation denotes carrying of men and cargoes from one place to another. It is a service which helps in carrying of men and cargoes from one place to another.

Air transport is of recent origin in the development of transport system of a country. It is the gift of 20th century to the world.

Road transport occupies a significant place in country’s transport system. Roads are the most convenient way of transporting goods even if to the interior parts of the world.

Tram cars run on the rails and these are a suitable mode of transport for carrying traffic during busy hours.

The movement of goods and persons from one place to another is called transport. The presence of good transport system brings a lot of advantages for the country.

When goods are sent by airways, the sender of the goods prepares airway bill in triplicate. The airway bill is otherwise called as air consignment note.

The following are the primary differences between road transport and air transport: