Types of Marine Insurance
There are three types of marine insurance (ij Cargo insurance ( insurance and (Hi) Freight insurance.
(i) Cargo insurance. It is an insurance of the gooes shipper.
Hull insurance, it is an insurance of ship itself against sea pe
Freight insurance. In many cases, freight is paid on the arrival of 5 at the port of destination. If the cargo is damaged or lost, the shipi company will lose the freight. Freight is, therefore, also covered in marine policy.

Types of Marine Policies
The main types of marine policies based on variety of risks covered are as under:
Time policy. This a policy in which the subject matter is insured for aspecified period of time say from April 1997 to Dec. 25, 1997.
Voyage policy. The policy is meant to insure the subject matter for aparticular voyage say from Karachi to London.
Mixed policy. This policy is meant to cover the subject matter on aparticular voyage and for a specified period of time say from Karachi toLondon for a period of 4 months.
Valued policy. In this policy, the value of the goods insured is agreedupon between the insurer and the insured and is written in the policy.
Unvalued policy. A policy which does not indicate the value of thesubject matter is called open or unvalued policy. The value is assessedwhen the loss actually takes place.
Composite policy. It is a policy which is underwritten by more than oneunderwriters. The liability of each underwriter is distinct and separate.
Blanket policy. It is a policy which is taken for a certain amount but onthe beginning of the policy, the premium is paid on the whole of it. Theadjustment is made at the end of the term of the policy.
Floating policy. It is a policy which is used by the cargo owners. Theyinsure the shipment expected to be made during a certain period by onepolicy. When the goods are loaded and the ship is on sea, an actualvalue of the shipment is declared and the actual value of policy is
' reduced or increased by that amount.
(9) Port policy. It is a policy to cover the vessel when it is anchored in a port.
(10) Fleet insurance policy. It is designed to insure a whole fleet of steamers or liners of a company