Various kinds of marine policies.
There are various types of marine policies. These are:
I. Time policy: It is a type of policy which covers maritime loss for a definite period irrespective of number of voyages. The insurer undertakes risks for a specified period.
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II. Voyage Policy: This is a type of policy which covers maritime loss in respect of a particular voyage. A policy insuring voyage from Calcutta to New York is regarded as voyage policy. Under this policy the insurer undertakes the risks on a particular voyage.
III. Mixed Policy: This is a type of policy where the risks are undertaken for a particular voyage of limited period. This policy contains the essential s of time policy and voyage policy.
IV. Valued Policy: This is a type of policy where the values of the subject matter is agreed between the insurer and the insured at the outset of the policy. The insurer will indemnify loss upto the declared value.
V. Floating Policy: A policy undertaken to cover several shipments is called a floating policy. The name of the ship of other particulars of the policy are made in a subsequent declaration.