1. Voyage policies: This covers the risks of one voyage between one port and another.
2. Time policy: This covers the insuredThe insured is the party (ies) (person or firm) having property covered against risk. They are covered by an insurance policy. More for a specified period of time, not more than twelve months.
3. Floating policy: It gives general cover except for the name of the ship and other particulars to be filled in subsequently. The amount is written of the policy when the voyage is completed and it occurs with each voyage until the policy is exhausted.
4. Valued policy: This is the policy which contains an agreed value of the goods insured. The value includes the costs of goods, freight, and other expenses. The policy specifies the value of the things insured.
5. Unvalued policy: This policy does not state the value of the subject matterThe topic dealt with or the subject represented in a debate, exposition, or work of art. More but to be proved or ascertained at a later date.
6. Fleet policy: This policy is taken to cover all the ships or vessels belonging to one owner.
7. Consequential Loss Insurance: Firms take this policy to cover loss of revenue or profits as a result of the distraction of business or destruction caused by fire. This type of insurance is different from fire insurance in the sense that while it covers loss of revenue, fire insurance covers the liability of loss of capital through the destruction of property. This policy also takes care of loss of income from rent, payment of salaries, interest on debentures during a stoppage of business or destruction caused by fire, etc.
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