1) Voyage Policy – Common method of insuring cargo, from one place to another. The cover continues during ordinary course of transit whilst including loading and unloading of goods, transshipments or incidental storage.

2) Time Policy – Usually applies to local land transits where policy is taken to automatically cover all transits within a period of 12-months. Main details of the policy, such as geographical area within which transits are made, method of transportation etc. are pre-agreed. Actual transits are declared to the Insurer on monthly-basis, accordingly, premium is charged. Alternatively, the Insurer may call for a Minimum and Deposit Premium (MDP) at the beginning of the policy period based on the Estimated Annual Carryings declared by the Insured, then premium would be adjusted at the end of the period based on monthly declarations made by the Insured.

3) Open Cover – Similar to Time Policy, but no end date to the ‘main’ insurance contract between the parties, and cover will be in force covering all shipments as per the conditions of coverage agreed. Actual transits are declared by way of submission a bordereaux monthly upon which the premium will be charged to the Insured. No premium is collected in advance.

The main points, viz. nature of cargo, method of transportation, details of voyage (including those shipped overseas), maximum shipment value per conveyance, premium rates, storage locations etc. are declared by the Insured at the beginning of the term and changes are made periodically as and when required. Based on the volume and other considerations, facility could be given to the client to issue the Insurance Certificate at his Office. This convenient way of insurance is opted for by frequent shippers/ traders.

Marine (Hull)

A form of an ‘all risks’ cover which protects the ship-owner from physical loss of/ damage to the vessel, the hull, and its machinery as per Institute Clauses.