Discuss the various kinds of marine insurance policy?

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Answer

Types of Marine Insurance Policies

Voyage Policy: This type of policy provides coverage for a specific voyage or journey. It is suitable for one-time shipments or occasional transport of goods.
Time Policy: Time policies provide coverage for a specific period of time, usually a year. This type of policy is ideal for businesses that have frequent shipments and require continuous coverage.
Valued Policy: In a valued policy, the value of the goods is agreed upon beforehand and written in the policy. This ensures that the insured will receive the agreed amount in case of loss.
Unvalued Policy: Unlike a valued policy, an unvalued policy does not specify the value of the goods. Instead, the value is determined at the time of loss based on market prices.
Open Policy: An open policy is a continuous policy that covers multiple shipments over a period of time. It is convenient for businesses with frequent marine cargo shipments.
Floating Policy: A floating policy covers goods that are shipped from various locations to different destinations. It provides flexibility and convenience for businesses with complex shipping operations.