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Features and Benefits
- Cargo Policies are freely assignable.
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Existence of insurable interest
needs to be established only at the time of
loss.
-
Marine Policies are agreed
value Policies.
-
An element of profit can
also be included in the Sum Insured, which is
allowed by the insurers.
-
Marine Policies are transit
/ voyage Policies and not limited to any specific
period.
-
The interpretation and applicability
of various statutes, the legislation in various
countries, the port conditions, customs procedures
and the legal systems in various parts of the
world, govern the operation and interpretation
of a Marine Insurance Policy.
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