Mixed Policy

A mixed policy bridges the gap. It provides coverage for a set period of time. And it can encompass multiple voyages within that time frame. This is particularly useful for situations like time charters, where a vessel is leased for a specific duration and might undertake several journeys during that lease.

The mixed policy ensures coverage throughout those voyages within the chartered period.

Let us explore the benefits of mixed marine cargo insurance.

Flexibility for Specific Needs: Mixed marine cargo insurance policies are suitable for operations that involve frequent voyages within a set timeframe. This could be ideal for smaller ships that transport both their own cargo and cargo for others. It is also good for charter situations where the vessel is leased for a period and undertakes multiple trips.

Simplified Coverage: A mixed policy streamlines your insurance by combining hull and cargo protection. It may provide coverage for both the vessel and the goods it carries, into a single policy. This eliminates the need to manage separate policies and simplifies the claims process in case of an incident.

Cost-Effectiveness: The exact cost depends on the specific requirements of your cargo, and the time frame. However, a mixed policy can sometimes be more economical than purchasing separate voyage and time policies. This is because it can streamline administrative costs for the insurer.

Several businesses can benefit from a mixed policy in marine insurance. Here are some primary categories:**

Import/Export Companies: Protects goods during international shipping.

Manufacturers: Covers raw materials and finished products in transit.

Logistics and Freight Forwarders: Ensures cargo is protected across different transport modes.

Retailers: Safeguards merchandise from suppliers to stores.

Wholesalers: Covers bulk shipments and inventory transfers.

Construction Companies: Protects materials transported to various sites.

Agricultural Producers: Covers farm produce during transportation.

Pharmaceutical Companies: Ensures safe transit of medical supplies.

Navigating the complexities of marine cargo transport requires a flexible and dependable insurance solution. A mixed policy in marine cargo insurance offers comprehensive coverage that combines the benefits of both voyage and time policies. This ensures your cargo and vessels are protected across multiple journeys within a specified period.

Tata AIG General Insurance understands the dynamic needs of businesses in India. That is why, we offer specialised marine insurance in India, to secure your valuable assets. With our robust marine insurance solutions, you can navigate the complexities of marine operations with confidence.

Moreover, we also provide reliable and flexible transit insurance that can be tailored to your unique requirements to offer comprehensive coverage.

What is a mixed policy?

A mixed policy is a flexible option that combines features of both voyage and time policies. It provides coverage for a specific journey, like a voyage policy but also extends coverage for a designated period of time, like a time policy.

This is useful when a vessel will be at sea for a long time, but also needs insurance for specific voyages during that period.

What is a mixed insurance policy?

A mixed policy in marine insurance is a combination of both a voyage policy and a time policy. It offers flexible coverage by combining elements of both voyage and time policies. It protects your cargo or hull (or both) for a specific timeframe within which multiple voyages can occur.

This is ideal for situations like time charters, where the vessel makes frequent trips. Unlike a voyage policy which is limited to a single journey, the mixed policy ensures continuous coverage during voyages and while docked at harbours. It provides coverage throughout the designated period.

What are the three types of marine insurance?

The three types of marine insurance are:

Hull Insurance: Covers physical damage to the ship.

Cargo Insurance: Protects the goods being transported.

Liability Insurance: Covers legal liabilities arising from damage or loss.

What is a block policy in marine insurance?

A block policy offers simplified coverage for a business's regular cargo shipments. It eliminates the need for individual policies for each shipment. A block policy streamlines administration and potentially reduces costs.