Marine insurance policies

The marine insurance policy is issued only when the contract has been finalized & it would be legal document of evidence of the contract. The form of marine insurance policies has been taken from pretty old times. There has been a slight change in the wordings of the policies. For example, “Be it know that” is substituted for the words ` In the name of God, Amen`.

The old form of policy has been practiced today due to its practicability’s which took after a numerous legal decisions during the past centuries. It has also been practiced that only form of policy is standardized & different clauses are added for applying to various types of policies. The standard policy generally contains the following information:

(i) Name of insured or his agent.

(ii) Subject matter insured. It may be ship (hull) cargo & freight.

(iii) Risk insured against.

(iv) Name of vessel & officers.

(v) Description of voyage or period of insurance.

(vi) Amount & term of insurance.

(vii) Premium.