What is specific voyage policy?
A voyage policy is marine insurance coverage for risks to a ship's cargo during a specific voyage. Unlike most insurance policies it is not time-based but expires when the ship arrives at its destination. It covers only the cargo, not the ship that carries it. A voyage policy is also known as marine cargo insurance.
What are the different types of marine insurance policies?
Ocean marine contracts are written to cover four major types of property interest: (1) the vessel or hull, (2) the cargo, (3) the freight revenue to be received by the ship owner, and (4) legal liability for negligence of the shipper or…
What are the four major coverages of an ocean marine policy?
1) The open policy is issued to cover several shipments/ despatches for the period of 12 (twelve) months based on the Sum Insured sufficiently large and adjusted against the value of each cargo in a reducing balance method. 2) Traders having regular despatches are interested to take the benefit of the Open Policy.