The marine insurance policy is issued only when the contract has been finalized & it would be legal document of evidence of the contract. The form of marine insurance policies has been taken from pretty old times. There has been a slight change in the wordings of the policies. For example, “Be it know that” is substituted for the words ` In the name of God, Amen`.
The old form of policy has been practiced today due to its practicability’s which took after a numerous legal decisions during the past centuries. It has also been practiced that only form of policy is standardized & different clauses are added for applying to various types of policies. The standard policy generally contains the following information: (i) Name of insured or his agent.
(ii) Subject matter insured. It may be ship (hull) cargo & freight.
(iii) Risk insured against.
(iv) Name of vessel & officers.
(v) Description of voyage or period of insurance.
(vi) Amount & term of insurance.
(vii) Premium.
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