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Marine insurance contract

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Marine insurance policy, its types

Marine insurance policy, its types

Published in: Economy & Finance

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  • 1. PRINCIPLES OF INSURANCE
  • 2. The terms and conditions on which a contract of marine insurance is entered into between the assured and the insurer are incorporated in a document called the marine policy. It is a legal document and an evidence of contract between the insurer and insured . It must be duly stamped under the stamp act , 1899.
  • 3. The different types of policies used in marine insurance 1. TIME POLICY 2. VOYAGE POLICY 3. MIXED POLICY/TIME & VOYAGE POLICY 4. VALUED POLICY 5. UNVALUED POLICY 6. FLOATING POLICY 7. OPEN COVER POLICY 8. FLEET POLICY 9. SPECIFIC COVER POLICY 10. BLANKET POLICY
  • 4. 11. NAMED POLICY 12. BLOCK POLICY 13. CURRENCY POLICY 14. PPI POLICY 15. CARGO POLICY 16. PORT RISK POLICY 17. COMPOSITE POLICY
  • 5. The policy conditions are divided into three ; 1. HULL CLAUSES 2. CARGO CLAUSES 3. FREIGHT CLAUSE
  • 6. There are about 17 different types of policies which is used in MARINE INSURANCE . The marine policy is a contract between the insured and insurer . Some of the clauses are also entered to meet the requirements of the various insured's . These policies are mainly made for meeting the risks caused in marine adventures.
  • 7.  THANK YOU !!!!!!!!!!!!!!!!!!!