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Types of Marine Insurances

Marine insurance is extremely necessary service for those companies which are engaged in the shipping and other insurance business. This insurance will cover any loss or damage to any ship or cargo through which goods are transported from one place to another.

We never know when and how a mishap will occur or anything problems occur suddenly in the Sea and the goods transported via ship along with ship will face damage well before reaching the final destination. Again the ships through which various articles are transported can also face disastrous due to natural calamity and huge damage can be caused to these ships.

Hence, to protect these ships we always need to opt for effective policies.

Types of Marine Insurances

In this age of advanced technology, with the development in the field of business areas, businesses are crossing the boundaries and we can notice the simultaneous enhancement of risks. Hence it is always necessary to opt for proper insurance which can protect our cargo ship, Cruise or boat from any unnecessary damage.

1: Policy relates to the voyage: this covers the risks of cargo from the departing port to the destination port. For protecting the cargo we need this one.

2: Time policy: This safety measure is purchased for a particular time period. Any type of peril appears during this time will be covered under the policy. Here ships are insured for a fixed period, irrespective of no of times the ships carried cargoes.

3: value policy: It is based on the value written on the policy. This is extremely beneficial to avoid any confusion while playing compensation. In case of any disaster occurs the compensation to be paid as per the value mentioned on the face of the policy.

4: mixed policy: this particular case is a mixture of time as well as a voyage. This is helpful to those ships which normally operate within a fixed route. (https://www.myrepartnere.no/)

5: Floating or open policy: It is beneficial for those who normally involve in voyaging ships to a particular geographical area. In this situation, there is no need to buy a policy each time. The insured is needed to submit a declaration and the total value of that will be reduced.

6: block policy: in many cases, it has been observed that such a policy is offered which can cover both risks on land as well as at sea. This is a single one which is offered from point of dispatch to the point of destination. (https://www.myrepartnere.no/nemi-forsikring/)

7: Wager policy: this type of safeguard can be held by that person who does not have any insurable interest in that particular.

8: composite policy: When more than one underwriter is engaged with any policy that is known as a composite policy. Here the obligation is fixed for every underwriter.

9: Fleet or single vessel policy: this type of policy can be taken for only a particular ship or for the complete fleet. If this policy is taken from the single ship then it is called the single vessel policy. Otherwise, this policy is known as a fleet policy.