Marine insurance contract

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Marine insurance policy, its types

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Marine insurance contract

  1. 1. PRINCIPLES OF INSURANCE
  2. 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. 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. 4. 11. NAMED POLICY 12. BLOCK POLICY 13. CURRENCY POLICY 14. PPI POLICY 15. CARGO POLICY 16. PORT RISK POLICY 17. COMPOSITE POLICY
  5. 5. The policy conditions are divided into three ; 1. HULL CLAUSES 2. CARGO CLAUSES 3. FREIGHT CLAUSE
  6. 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. 7.  THANK YOU !!!!!!!!!!!!!!!!!!!

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