Question

Find out different marine policies taken by a businessman or trader in your area.

Answer 1

I visited a local businessman/trader and collected information about the different types of marine insurance policies used for protecting goods during transportation.

1. Voyage Policy: This policy covers goods for a particular journey from one place to another.
2. Time Policy: This policy provides insurance protection for a fixed period, usually up to one year.
3. Mixed Policy: It combines the features of voyage policy and time policy. It covers a particular voyage for a specified period.
4. Floating Policy: This policy is useful for traders who make regular shipments. The total insurance amount is fixed, and details of each shipment are declared later.
5. Valued Policy: Under this policy, the value of the goods is decided in advance and mentioned in the policy.
6. Open Policy: It provides continuous protection for several shipments made by the trader during a specified period.
7. Port Risk Policy: This policy covers risks while the ship or goods are kept at a port.

Thus, marine insurance helps businessmen and traders protect their goods against losses arising during transportation by sea and related transit risks.