Marine Engineering

There are various types of marine insurance policies available and they could broadly be classified into 5 types. Time policy - Insures property for a period of time. Voyage policy - It insures property from one place to another it may include a date limit. Mixed policy - It covers both a voyage and a period of time of voyage and in port after arrival. Construction policy - It insures vessels while in course of construction not for a period of time. Floating policy - cargo policy that insures a number of shipments. In Canada & US, this policy is continuous and covers all shipments to a limit of liability for any 1 loss. The marine insurance policies that a ship owner can take are 1) Hull & machinery policy 2) Protection & indemnity cover. The insurance policies for a cargo owner include 1) Marine cargo insurance 2) Goods in transit insurance. Hull and machinery policies : These are usually time policies with a maximum period of 12 months. Normally the it...