- Time Policy: It insures the subject matter for a certain specified period, not exceeding twelve months.
- Voyage Policy: It insures the subject-matter for a certain voyage only i.e. journey from one fixed port to another fixed port.
- Valued Policy: It specified the agreed value of the subject-manner insured. Insurers are liable only for the loss not exceeding the value mentioned in the policy.
- Unvalued or Open Policy: It does not specify the value of the subject-matter. The value is to be ascertained subsequently at the time of actual loss.
- Mixed Policy: It insures the subject-matter for a specified voyage and for a particular period.
- Floating Policy: It describes the general terms of insurance, leaving other particulars such as the name of the ship etc. to be declared subsequently.
- Wagering or Honour Policy: It is also known as “policy proof of interest” or “Interest or no interest policy”. In this case, the insurer does not have insurable interest in the subject-matter of the contract. It resembles a wages and hence void Losses are indemnified depending on the honour of the insurer.
Types of Marine Policies
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