Marine Insurance, Insurance Policy Duration In Years specific voyage

Marine insurance is the indemnity for the deficit incurred of cargo or harm to ships during the shipment. The risks that marine insurance covers are fire, Seizures, Wars, Accidents or causalities which take place over the sea. The winds and waves are not included as risks in the marine insurance. The indian marine insurance act, 1963 is imbibed from the marine insurance act, 1906. Though the marine insurance act is deep in its insurance coverage, It does not represent able to provide for losses that occur while the ship is sailing the waters. This has led to the introduction of another insurance called the marine which provides, Cargo insurance for losses to cargo while the ship is sailing the waters. This is very beneficial to oil tankers and heavy cargo ships