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Zorluk: ZorTypes of Insurance Policies (Life, Fire, Marine, Accident)

An agricultural exporter based in Ibadan dispatches multiple cargo consignments by sea throughout the trading year. Rather than obtaining a separate contract for every single voyage, the firm purchases an insurance policy covering a lump-sum estimate of total cargo value, declaring individual shipment details to the insurer as each vessel departs until the total sum is exhausted. Which marine insurance policy best describes this arrangement?

  1. Floating policyCevap
  2. B
    Voyage policy
  3. C
    Time policy
  4. D
    Valued policy

Cevap

Floating policy
A floating policy allows regular sea cargo shippers to secure an open umbrella contract for a broad estimated sum. As individual shipments leave port, the insured submits declarations detailing the cargo values, which are progressively deducted from the remaining insured balance.

Adım Adım Çözüm

1
Analyze the operational requirements of the exporting firm
The firm conducts continuous sea shipments throughout the year and needs a streamlined policy that avoids taking out separate insurance for each individual vessel departure.
Purchasing individual policies for high-frequency trading incurs administrative inefficiency and high cost.
2
Match the features of marine insurance policy types to the scenario
A floating policy specifies an overall sum insured and allows the merchant to declare details of each consignment as it departs until the total coverage limit is exhausted.
This open declaration mechanism aligns precisely with the exporter's operational pattern.

Anahtar Kavram

Marine Floating Policy (Open Policy)
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Konular

Types of Insurance Policies (Life, Fire, Marine, Accident)

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