1. Cargo Insurance: Exclusively covers the cargo on the ship.

It also covers the risk of damage to objects

owned by the voyagers of the ship. 2. Time Policy: This is marine insurance cover for a limited period. 3.
Valued Policy: The insurance cover is subject to cover provided for a pre-determined value. In the case
of any mishap, your insurance policy will only reimburse subject to the fixed value. 4. Hull Insurance: It
covers the torso and hull of the vessel. Also covered is a risk of damage to various articles and furniture
in the ship. It is insurance against the value of ship loss. 5. Liability Insurance (part of Hull Insurance):
Insurance compensation, in this case, is calculated based on the total liability of the insured. Suppose
there is a ship accident or collision, whatever be the liability on the part of the insured linked to risk of
such an accident, is covered by your insurer. 6. Mixed Policy: Mix of time and voyage policy. 7. Unvalued
Policy: Unlike valued policy, in this type of marine insurance policy the exact insurance amount is
calculated by inspecting the extent of the damage. The exact damage loss is assessed after the accident.
8. Port Risk Policy: This is risk cover when the ship is stationed at the port. 9. Floating Policy or Open
Policy: Several shipments are covered under a single policy. A fixed sum is determined to cover multiple
shipments, and the details of any shipments are only declared afterwards.

10. Fleet Policy: Several ships belonging to a single owner are covered under one policy. 11. Block Policy:
This insurance covers the cargo for every risk of land and water. The policy covers the cargo on Door to
Door basis; i.e. from the pickup point of the seller to the drop-off point for the buyer, even if it includes
land transport in between or at either end. 12. Single Vessel Policy: Only one vessel is covered under this
type on the marine insurance policy. 13. Named Policy: In this type of marine insurance coverage, ships
are covered under its name. The name of the ship is mentioned in the insurance document. 14. Blanket
Policy: Maximum protection amount is paid at the time of buying the policy. The amount is adjusted
after compensation is paid. 15. Composite Policy: Under this policy, each owner of the policy is accorded
a fixed sum. One insurance policy has multiple owners, and their obligation classified legally.