General insurance Types of marine insurance policy

[btaliat]

There are several polices one can decide to do when it comes to marine insurance. The policy that one wants to opt for must however be the one that will be of benefit to one.

The following are the marine insurance policies that we have :

• Voyage policy : this policy covers a particular voyage from place to another. Any deviation from the designated route will not be covered.
• Time policy : this covers the ship ad cargo for a specific period maybe a year. But if the policy expires on sea, it will be given chance of arriving to the shore.
• Mixed policy : it covers the subject matter for the voyage and a period of time thereafter.
• Constitution policy : this covers the construction of a marine vessels.
• Valued insurance : it specifies the value of the goods, and the holder of such a policy recieves specified amount in case there is loss.

 

[Mandy96]

I think i will be more interested in the mixed policy if I ever have the chance of choosing, because it covers a lot and even thereafter. If any client is doubting to choose then I will suggest that he or she should go for it. Others are great but that’s what I prefer

 

[Jamoflondon]

I really do not know about marine insurance, but I think the time policy is the best for any marine. The fact that it still covers if it expires on sea is very impressive to hear, it shows that it truly covers and shows respect to the ship while still sailing

 

[btaliat]

I really do not know about marine insurance, but I think the time policy is the best for any marine. The fact that it still covers if it expires on sea is very impressive to hear, it shows that it truly covers and shows respect to the ship while still sailing

That's true. This is the beauty of the time insurance policy. Most time, the journey may be too far and if the policy expires. They will still give the grace of arriving safely to now decide whether to renew the agreement or not to continue with it. This means insurance will still compensate if anything happens on the sea after the expiration of the policy.