Marine insurance was the earliest well – developed kind of insurance, as the designation of this type of insurance was based on the fact that trade in the past was done by means of maritime transport only.
Marine insurance is divided into:
Cargo Insurance: Caters specifically to the cargo of the ship and also pertains to the belongings of a ship’s voyagers.
Hull Insurance: Mainly caters to the torso and hull of the vessel along with all the articles and pieces of furniture in the ship. This type of marine insurance is mainly taken out by the owner of the ship in order to avoid any loss to the ship in case of any mishaps occurring.
Liability Insurance: Is that type of marine insurance where compensation is sought to be provided to any liability occurring on account of a ship crashing or colliding and on account of any other induced attacks.
Freight Insurance: Offers and provides protection to merchant vessels’ corporations which stand a chance of losing money in the form of freight in case the cargo is lost due to the ship exposed to an accident. This type of marine insurance solves the problem of companies losing money because of a few unprecedented events and accidents occurring.
Marine & Hull Policies:
The different types of marine insurance policies are detailed below:
Voyage Policy: A voyage policy is that kind of marine insurance policy which is valid for a particular voyage.
Time Policy: A marine insurance policy which is valid for a specified time period – generally valid for a year – is classified as a time policy.
Mixed Policy: A marine insurance policy which offers a client the benefit of both time and voyage policy is recognized as a mixed policy.
Open Policy: - Unvalued Policy: In this type of marine insurance policy, the value of the cargo and consignment is not put down in the policy beforehand. Therefore, reimbursement is done only after the loss to the cargo and consignment is inspected and valued.
- Valued Policy: A valued marine insurance policy is the opposite of an open marine insurance policy. In this type of policy, the value of the cargo and consignment is ascertained and is mentioned in the policy document beforehand thus making clear about the value of the reimbursements in case of any loss to the cargo and consignment.
Floating Policy: A marine insurance policy where only the amount of claim is specified and all other details are omitted till the time the ship embarks on its journey, is known as floating policy. For clients who undertake frequent trips of cargo transportation through waters, this is the most ideal and feasible marine insurance policy.
Coverage:
It is the conditions under which marine insurance documents are issued, and most importantly:
Institute Cargo Clause (A): covers all losses and damages which have been partially or affected the goods insured.
Institute Cargo Clause (B): covers losses and the partial damage of the goods insured.
Institute Cargo Clause (C): covers loss or damage to the goods insured in the event of loss was entirely.
And you can add the following coverage to the condition (C):
Non-Delivery of whole container.
Non-Delivery of any shipping unit.
Additional Coverage:
Based on current conditions, Jordan French Insurance Company “JOFICO” provides coverage for the following risks:
