Get complete information on Marine Insurance Policy


The marine insurance policy is issued only when the contract has been finalized and it would be legal documents 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 known 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 standarised and 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 and freight.

(iii) Risks insured against.


(iv) Name 6f vessel and officers.

(v) Description of voyage or period of insurance,

(vi) Amount and term of insurance.

(vii) Premium.


There are various clauses which are suitably inserted according to the nature and type of policies. Hull, cargo and freight policies have different standard clauses.

In case of hull insurance, the clauses provide that if the insured vessel at the expiration of the policy is at sea, or at a port of refuge generally the ship may be covered until arrival at port of destination. In case of cargo policies with Average, Free of particular Average, or All Risks are generally used.

There are standard clauses which are invariably used in marine insurance. Firstly, policies are constructed in plain, ordinary and popular sense, and, later on, specific clauses are added to them according to terms and conditions of the contract. Clauses attached to the policy would override the printed wording in the policy.

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