On the basis of value of the insured subject matter Valued Policy: A type of insurance coverage that places a specific value on the insured property, such as the hull or cargo of a shipping vessel. A valued marine policy pays up to, the specified value in the event of a total loss.
Types of Marine Policy:
- Annual Turn Over Policy: The Policy covers transit of raw material, semi-finished and finished products related to trade of insured, including import, export incidental storage and inter-depot movement.
- Specific Voyage Policy: Under this policy, the coverage is limited to a specific single transit. As soon as the cargo reaches its destination insurance cover ends. It is suitable for those firms that do not often require marine cargo policy in the course of their trade.
- Open Policy: It is the annual cargo insurance contract that covers all inland movements of consignments. Also, known as floating policy, it is suitable for those insured that tend to undertake numerous transactions throughout the year.
- Annual Policy: This is non-transferable policy provides coverage to the insured only if the goods they are carrying are not under the contract of the sales or purchase.
- Open Cover: The Policy covers all marine consignments of a client in 1 year policy period where the voyage involved is import or export.