What Is a Voyage Policy?

A voyage policy is marine insurance coverage for risks to a ship's cargo during a specific voyage. Unlike most 澳洲幸运5官方开奖结果体彩网:insurance policies it is not time-based but expires when the ship arrives at its destination. It covers only the cargo, not the ship that c✤arries it.

A 🅷voyage policy is a𝔉lso known as marine cargo insurance.

Understanding a Voyage Policy

Voyage policies are commonly used by exporters who need marine shipping only occasionally or for relatively small amounts of cargo. Large 澳洲幸运5官方开奖结果体彩网:exporters who ship by sea routinely tend to prefer 澳洲幸运5官方开奖结果体彩网:open cover marine insurance, which covers all cargo shipp🐭ed by the policyholder for a specified time period.

A voyage policy covers unforeseen risks but not preventable risks. For a voyage policy to be valid, the vessel transporting the cargo must be in good condition and capable of making the journey, and the vessel's crew must be competent.

Voyage policies generally cover accidental damage and collisions as well as natural disasters. Losses due to delays may be covered as well. Voyage policies may specifically exclude losses caused by willful misconduct, ordinary leakage, ordinary wear and tear, improper🔴 or inadequate packaging, and labor strikes. Acts of war and terrorist activit🍬y also are usually excluded.

The policyholder may need to purchase additional 澳洲幸运5官方开奖结果体彩网:insurance to cover the cargo during the e𒁏ntire transport process as voyage policies typically exclude losses 🌊that occur during the loading and unloading of the cargo.

The policy is in place for the duration of the voyage, however long it ta🤪kes. If there are unanticipated delays en route, the coverage remains in place. This allows for factors such as inclement weather at sea or a shortage of docking at the destination port.

Because each policy is specific to a particular cargo and voyage, all details of both are recorded in the policy 💙contract.