The marine policy is a legal document that outlines the terms and conditions of the insurance contract between the insurer and insured for marine insurance. It must be properly stamped. There are various types of marine insurance policies for different needs, including time, voyage, mixed, valued, unvalued, floating, open cover, fleet, specific cover, blanket, named, block, currency, PPI, cargo, and port risk policies. Policy conditions are divided into hull, cargo, and freight clauses to cover various risks associated with marine adventures.

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.

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