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Voyage Policy: What it Means, How it Works

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 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 carries it.

A voyage policy is also known as marine cargo insurance.

Key Takeaways

• A voyage policy, or marine cargo insurance, covers losses incurred to a ship's contents during a journey.
• A voyage policy is used mainly by exporters who need to ship only occasionally or only in small amounts of cargo.
• Exporters who ship routinely generally use open cover marine 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 exporters who ship by sea routinely tend to prefer open cover marine insurance, which covers all cargo shipped 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.

A voyage policy is in effect only while the ship is at sea; additional insurance is needed to cover losses during loading and unloading of cargo.

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 activity also are usually excluded.

The policyholder may need to purchase additional insurance to cover the cargo during the entire 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 takes. 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.

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What is a voyage policy? Definition and examples

The term ‘cargo’ refers to goods or produce that are transported by sea, land, or air.

Voyage policies, which protect just the goods in transit and not the vessel, are important for businesses involved in international trade. International trade includes the exportation and importation of goods.

Investopedia has the following definition of the term :

“A voyage policy is marine insurance coverage for risks to a ship’s cargo during a specific voyage.”

Voyage policies have several inclusions. Among them are damage due to faulty packaging or crew misconduct. This type of policy does not usually cover preventable risks. The policyholder will need to buy a separate policy to cover preventable risks.

Voyage insurance not time-based

Most insurance policies are time-based, but not this type. The policy expires as soon as the vessel arrives at its destination.

Exporting companies that need marine shipping only occasionally use this type of insurance the most. It is also useful for companies exporting a relatively small amount of cargo by sea .

Major exporters that deliver their goods by sea regularly prefer open cover marine insurance. Open cover protects all the cargo that the policyholder ships for a specified period.

Regarding a voyage policy, DieselShip.com says the following :

“The policy would be issued before the inception of the voyage. At the time of taking a specific voyage insurance policy, it is essential to give the complete details of the risk along with complete information about the bill of lading, vessel name, etc.”

The voyage policy covers the cargo during the whole voyage by sea, even if there are unexpected or unforeseen delays en route.

Marine insurance – a brief history

Marine insurance dates back to Ancient Greece and Rome. It wasn’t until the fourteenth century that proper marine insurance contracts were developed. These took place in Genoa and other Italian towns. From there, they spread to northern Europe.

Lloyd’s Coffee House, which opened in Tower Street in London in 1686, was the world’s first marine insurance market. People who worked in the shipping industry wanting to insure cargoes and ships would meet at Lloyd’s Coffee House. Individuals willing to act as underwriters also met there.

According to Risk & Insurance:

“ Lloyd’s Coffee House specialized in information about shipping. At this time, there were more than 80 coffee houses within the City of London’s walls, each claimed its own specialization.”

“By the 1730’s, Lloyd’s was emerging as the spot for marine underwriting by individuals.”

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Table of Content

• What is Marine Insurance

Marine Insurance Act 1963

• How Marine Insurance works

Types of Marine Insurance

• Which clauses cover Marine Insurance

Difference between Fire Insurance & Marine Insurance

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13 July 2021

Marine Insurance | Meaning, Types, Benefits & Coverage

What is marine insurance.

Marine insurance refers to a contract of indemnity. It is an assurance that the goods dispatched from the country of origin to the land of destination are insured. Marine insurance covers the loss/damage of ships, cargo, terminals, and includes any other means of transport by which goods are transferred, acquired, or held between the points of origin and the final destination.

The term originated when parties began to ship goods via sea. Despite what the name implies, marine insurance applies to all modes of transportation of goods. For instance, when goods are shipped by air, the insurance is known as the contract of marine cargo insurance.

Importance of Marine Insurance

Marine insurance is required in many import-export trade proceedings. Admitting the terms, both parties are liable for the payment of goods under insurance. However, the subject matter of marine insurance goes beyond contractual obligations, and there are several valid arguments necessary for buying it before dispatching the export cargo.

Goods in transit need to be insured by one of the three parties:-

• The Forwarding Agent
• The Exporter
• The Importer

Also, it can be taken by anyone involved in the transit of goods.

Also Read: Role of a Freight Forwarder | Functions, Duties & more

Where to get Marine Insurance?

The process to purchase marine insurance in India is easy. The country’s geographical position allows many banks and financial institutions to provide marine insurance.

The Marine Insurance Act, in India, came into existence in 1963. As per section three of the act, any time the term ‘marine insurance’ is used, expressed or even extended for the insuring of goods against loss or damage, the insurer will be at risk to bear the charges. The insurer will consider all the certainty of goods in case of misfortune sustained during marine ventures.

Principles of Marine Insurance

Principle of Good faith - Parties demand absolute trust on the part of both; the insurer and the guaranteed.

Principle of Proximate Cause - The proximate cause is not adjacent in time; also, it is inefficient. Nevertheless, it is the definitive and adequate cause of loss.

Principle of Insurable Interest - Any object presented as a marine risk and the assured covering the insurance of goods - both should have legal relevance. Also, a series is devoted called 'Incoterms' to respectfully assign the insurance of goods to each party.

Principle of Indemnity - The insurance extended to the parties will only be applicable up to the loss. The parties can't buy insurance to gain profits. If they do, they won't get more than the actual loss.

Principle of Contribution - Sometimes, the risk coverage for goods has more than one insurer. In such cases, the amount has to be fairly distributed amongst the insurers.

Features of Marine Insurance

How Marine Insurance works?

Marine insurance best transfers the liability of the goods from the parties and intermediaries involved to the insurance company. The legal liability of the intermediaries handling the goods is limited to begin with. The exporter, instead of bearing the sole responsibility of the goods, can buy an insurance policy and get maritime insurance coverage for the exported goods against any possible loss or damage.

The carrier of the goods, be it the airline or the shipping company, may bear the cost of damages and losses to the goods while on board. However, the compensation agreed upon is mostly on a ‘per package’ or ‘per consignment’ basis. The coverage so provided may not be sufficient to cover the cost of the goods shipped. Therefore, exporters prefer to ship their products after getting it insured the same with an insurance company.

The Scope of Marine insurance is necessary to meet the contractual obligations of exports. To align with agreements such as cost insurance and freight (CIF) or carriage and insurance paid (CIP) , the exporter needs to take marine insurance to protect the buyer’s or their bank’s interest and honor the contractual obligation. Similarly, in the case of Delivered Duty Unpaid (DDU) and Delivered Duty Paid (DDP) terms, the seller may not be obligated to insure the goods, although in practice they generally do.

To get marine insurance and avoid insurance claims, ensure the following:

Packing of goods should be done keeping in mind their safety during loading and unloading

Packing should be good enough to withstand natural hazards to the best extent possible

Keep in mind the possibility of clumsy handling or theft when packing goods.

How to calculate Marine Insurance Premium?

Freight Insurance

Liability insurance, hull insurance, marine cargo insurance.

In freight insurance, for example, if the goods are damaged in transit, the operator would lose freight receivables & so the insurance will be provided on compensation for loss of freight.

Marine Liability insurance is where compensation is bought to provide any liability occurring on account of a ship crashing or colliding.

Hull Insurance covers the hull & torso of the transportation vehicle. It covers the transportation against damages and accidents.

Marine cargo policy refers to the insurance of goods dispatched from the country of origin to the country of destination.

Types of Marine Insurance policies

• Floating Policy
• Voyage Policy
• Time Policy
• Mixed Policy
• Named Policy
• Port Risk Policy
• Fleet Policy
• Single Vessel Policy
• Blanket Policy

Floating policy

Floating in Marine Insurance policy, large exporters may opt for an open policy, also known as a blanket policy, instead of taking insurance separately for each shipment. An open policy is a one-time insurance that provides insurance cover against all shipments made during the agreed period, often a year. The exporter may need to declare periodically (say, once a month) the detail of all shipments made during the period, type of goods, modes of transport, destinations, etc.

Voyage policy

A specific policy can be taken for a single lot or consignment only. The exporter needs to purchase insurance cover every time a shipment is sent overseas. The drawback is that extra effort and time is involved each time an exporter sends a consignment. With open policies, on the other hand, shipments are insured automatically.

Time policy

Time policy in marine insurance is generally issued for a year’s period. One can issue for more than a year or they may extend to complete a specific voyage. But it is normally for a fixed period. Also under marine insurance in India, time policy can be issued only once a year.

Mixed policy

Mixed policy is a mixture of two policies i.e Voyage policy and Time policy.

Named policy

Named policy is one of the most popular policies in marine insurance policy. The name of the ship is mentioned in the insurance document, stating the policy issued is in the name of the ship.

Port Risk policy

It is a policy taken to ensure the safety of the ship when it is stationed in a port.

Fleet policy

Several ships belonging to the company/owner are covered under one policy. Where it has the advantage of covering even the old ships. Also the policy is a time based policy.

Single Vessel policy

In single vessel policy only one vessel is covered under marine insurance policy.

Blanket policy

In this policy, the owner has to pay the maximum protection amount at the time of buying the policy.

Which clauses cover Marine Insurance?

The Maritime insurance coverage provided by marine insurance can be understood by going through the risks handled by the insurance policies loaded with various marine insurance clauses:

Institute Cargo Clause C provides basic coverage and includes a restricted list of risk covers. It covers the shipment against events such as fire, discharge of cargo in case of distress, explosion, accidents like sinking, capsizing, derailment, collision, etc.

Institute Cargo clause B offers an additional layer of protection. Not only does it include all the risk covers provided under Clause C, but it also covers the shipment against events such as earthquake, volcanic eruption, and damage due to rainwater, seawater, river water, etc., and loss to package overboard or during loading and unloading.

Institute Cargo Clause A provides maximum coverage as it covers all risk of loss or damage to the goods. Apart from the risks covered under Clauses B and C, it also covers losses due to breakage, chipping, denting, bruising, theft, non-delivery, all water damage, etc.

Risks such as wars, strikes, riots, and civil commotions are not covered under the institute cargo clauses. However, the insurer may provide this cover on payment of additional marine insurance premium.

So in terms & conditions of marine insurance coverage, these three types of marine insurance clauses: Institute Cargo Clauses A, B, and C. Clause A provides maximum coverage, Clause C provides basic risk coverage.

What is not covered under Marine Insurance?

Fire insurance is an insurance that covers the risk of fire. The subject matter is any physical asset or property. The moral responsibility is an important condition here. There is no expected profit margin in terms of fire insurance. The insurable interest must be present before taking the policy and also at the time of loss.

Whereas, the Functions of Marine insurance is one that encompasses risks associated with the sea. The subject matter is the ship, freight or cargo. It does not consist of any clause related to the moral responsibility of the cargo owner or the ship. 10 to 15% profit margin is expected in terms of marine insurance. Also in marine insurance the insurable interest must be only at the time of loss.

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Avani Ghangurde

Senior associate, public relations at drip capital.

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TIME AND VOYAGE POLICIES

CHAPTER 4 TIME AND VOYAGE POLICIES INTRODUCTION Section 25(1) of the Act states: Where the contract is to insure the subject matter at and from, or from one place to another or others, the policy is called a ‘voyage policy’, and where the contract is to insure the subject matter for a definite period of time, the policy is called a ‘time policy’. A contract for both voyage and time may be included in the same policy. Thus, the Act provides for a contract of marine insurance to be in the form of: (a)   a time policy; (b)   a voyage policy; or (c)   a mixed policy (both time and voyage). However, whilst it is the Act which lays down the statutory framework governing such policies of insurance, it is the Institute Clauses which determine the terms and conditions by which the parties to the insurance are governed. TIME POLICY A definite period of time The Act, in s 25(1), defines a ‘time policy’ as a policy ‘…where the contract is to insure the subject matter for a definite period of time…’. Ordinarily, the cover provided by the insurance will commence at a time and date specified by the policy and terminate at another time and date designated by the policy. Should, however, only the date of commencement and the date of termination of cover be stipulated by the policy, the actual time on those respective dates not being specified, the policy is said to run from 0000 hours on the day of commencement to 2400 hours on the day of termination. This was confirmed in the case of Scottish Metropolitan Assurance Co v Steward , below. Scottish Metropolitan Assurance Co v Steward (1923) 15 LlL Rep 55 A voyage policy of insurance was reinsured by the plaintiffs with the defendants whereby the steamship Earlshaw was covered against marine losses ‘from 20 September 1922, inclusive, to noon 20 February 1923’. When Earlshaw was actually lost at 7.30 pm on 20 September 1922, after being found abandoned in the North Sea, the insurers questioned whether the risk had attached at the time of the loss. The court ruled that the insurers were liable for the loss. It was the duty of the court to try and interpret the words in the contract of insurance in accordance with intention of the parties to that contract and, when only the dates and not the times were given to indicate the commencement and termination of the policy, the whole of those dates were to be included in the cover. Rowlatt J: [p 409] …As to the effect of fixing a period from a named day, it was clear that there was no technical rule of construction to be applied; the words must be construed in accordance with the intention of the parties as it could be gathered from the circumstances of the case…according to the ordinary construction of the English language, when two days were mentioned as the dates on which a period began and ended, both those days were included in that period. People only mentioned days with which they were actually concerned; for example, if it was said that the court sat from Monday to Friday in each week, or that the year ran from 1 January to 31 December, the days at each end of the period were included…this insurance expressed to run from 20 September included 20 September, and the risk had, therefore, attached before the vessel sank. Although the majority of time policies are underwritten for 12 month periods, there is no longer any statutory limit to the time period over which the policy may provide cover. 1 Time policy containing an extension clause One of the issues which arose in the Eurysthenes , case, below, was whether a policy of insurance which provided cover from a certain date, but did not contain a ‘definite’ termination date, was, in fact, a time policy within the meaning of s 25(1). Counsel for the shipowners submitted that the policy could not be a time policy because, once the policy had attached, it only terminated after notice was given by either the assured or the P & I Club; there was no actual date of termination. In the context of the case, this was an important point which was, however, rejected by the Court of Appeal. Compania Maritima San Basilio SA v Oceanus Mutual Underwriting Association (Bermuda) Ltd, ‘Eurysthenes’ [1976] 2 Lloyd’s Rep 171, CA The plaintiffs entered their vessel Eurysthenes with the defendant P & I Club to be covered for class 1 risks. The Club rules stated: [r 9] ‘…the ship shall be deemed to be entered in the Association from the time stated in the certificate and such entry shall continue from Policy year to year unless notice to the contrary be given…’; and [r 17] ‘A Member may terminate the entry of an entered ship by giving to the managers not less than two months’ notice in writing…and the Association may at any time discontinue the insurance of a Member…by giving him seven days’ notice in writing…’. Eurysthenes stranded on a voyage from the USA to the Philippines. The P & I Club contended that Eurysthenes was unseaworthy and, as the owners were privy to that unseaworthiness under s 39(5), the insurers were not liable. 2 The owners put forward the argument that s 39(5) did not apply, because the policy in question was not a true time policy as defined by s 25(1). Both the shipowners and the P & I Club sought guidance from the court as to their positions under the policy. The Court of Appeal ruled that the policy was, in fact, a time policy; there were only two types of marine policy—time or voyage, or a combination of both. Roskill LJ: [p 180] …Mr Mustill [for the shipowners] accepted that the club cover was a contract of marine insurance within s 1 of the 1906 Act, and that there was here a marine adventure within s 3(1) and (2)(c) of that Act which was properly the subject of a contract of marine insurance. But he sought to argue that s 25(1) did not create a statutory dichotomy between time policies and voyage policies, notwithstanding that that sub-section allows a policy of marine insurance to include a contract both for voyage and for time. There was room, he argued, for a contract of marine insurance which was neither a voyage nor a time policy nor a combination of the two…Therefore, it was said that this was not a 12 months’ policy, nor was it a policy for a ‘definite’ period, because there were so many events which might either extend or abridge its duration. [p 181] …It seems to me plain…that whether one looks at this matter simply as one of the construction of s 25 of the 1906 Act, coupled with s 23 of that Act, or more elaborately as one of the construction of those sections against the background of the revenue legislation enacted in the Stamp Act 1891, as amended by the Finance Act 1901, there is a clear statutory dichotomy between time and voyage policies, a combined time and voyage policy being also permitted. In short, a policy of marine insurance must be one or the other or both, but it cannot be something else. …I am, therefore, clearly of the view that a policy for a period of time and not for a voyage does not cease to be a time policy as defined merely because that period of time may thereafter be extended or abridged pursuant to one of the policy’s contractual provisions. The duration of the policy is defined by its own terms and is thus for a ‘definite period of time’. In my view, the word ‘definite’ was added to emphasise the difference between a period of time measured by time and a period of time measured by the duration of a voyage. Time policy with a geographical limit A geographical limitation placed upon a time policy does not change that time policy into a mixed policy. The policy remains fundamentally a time policy, even though it only covers voyages within the prescribed geographical limits. In Wilson v Boag [1957] 2 Lloyd’s Rep 564, the plaintiff owner of a motor launch insured her for four months on the basis that the policy provided cover for losses incurred within a 50 mile radius of Port Stephens. When a loss occurred within that 50 mile radius, but on a voyage intended to go as far as Sydney, 90 miles away, the insurers refused payment, contending that the policy was both a time policy and a voyage policy (mixed), and the cover only extended to voyages undertaken within the prescribed geographical limits. The Supreme Court of New South Wales ruled that the policy was a time policy only and, as the loss occurred within the prescribed geographical limit of 50 miles, the insurers were liable. Supreme Court of New South Wales: [p 565] …The plaintiff contends that, on the true construction of the policy, the launch was covered if a loss by a peril insured against occurred within the limits of the area set by the policy…and that at the time of the loss it was proceeding within that area to a destination outside it is irrelevant. The defendant contends that the policy is a ‘mixed policy’, that is to say, that it is both a time and voyage policy; that the only ‘voyages’ covered by the policy are those made within the prescribed perimeter; and that a ‘voyage’ embarked upon and designed to take the launch outside that perimeter was not within the policy even though the loss may have occurred while the launch was still within the defined geographical area. If the policy is a time and voyage policy, then it would not attach to a voyage embarked upon for the purposes of taking the launch to Sydney, even if the loss was sustained at a time when the launch in the course of its journey was within the geographical limit described in the policy. …On the whole, we are of opinion that the policy here in question should not be construed as a voyage policy attaching only to voyages intended to begin and end within the perimeter and to remain wholly within it. It is to be regarded rather as a time policy in which is contained a limitation of the liability of the insurer to loss sustained while the launch is within a defined geographical area. We think that the policy covers loss occurring within the perimeter even though the launch was then in the course of proceeding to a point outside it. That seems to us to be the natural meaning to be given to the relevant words. There appear to be no reported cases precisely in point, and to apply the rules of law relating to commercial voyage policies to this case seems to us to be somewhat unreal, and not to be warranted by anything to be found in the terms of the contract. The Navigation Clause The Navigation Clause, cl 1 of the ITCH(95), is identical to the equivalent Navigation Clause contained within the IVCH(95), except for cl 1.5, the ‘Scrapping Voyage Clause’, which is only relevant to a time policy of insurance. The purpose of the Navigation Clause is to confirm expressly that cover is provided for those less usual seaborne operations which may be considered to fall outside normal practice. At all times The first part of cl 1.1 states: The Vessel is covered subject to the provisions of this insurance at all times and has leave to sail or navigate with or without pilots, to go on trial trips and to assist and tow vessels or craft in distress… Thus, the Clause confirms that cover is provided by the policy at all times whilst the insured vessel: (a)   sails or navigates with or without pilots; (b)   goes on trial trips; and (c)   assists and tows vessels or craft in distress. Towage and salvage warranty Having established those marine operations under which the policy remains in force, the second part of cl 1.1 confirms, by way of a warranty, those towage and salvage operations which are or are not covered by the policy: …but it is warranted that the Vessel shall not be towed, except as is customary or to the first safe port or place when in need of assistance, or undertake towage or salvage services under a contract previously arranged by the Assured and/or Owners and/or Managers and/or Charterers. This Clause 1.1 shall not exclude customary towage in connection with loading and discharging. That is, it is warranted that the vessel shall not: (a)   be towed, except as is customary or to the first safe port or place when in need of assistance; 3 or (b)   undertake towage or salvage operations under a contract previously arranged by the assured and/or owners and/or managers and/or charterers. But the warranty does not apply when the vessel is engaged in ‘customary towage in connection with loading and discharging’. Clause 1.2 of the Navigation Clause then goes on to qualify the conditions laid down in cl 1.1. Clause 1.2 states: This insurance shall not be prejudiced by reason of the Assured entering into any contract with pilots or for customary towage which limits or exempts the liability of the pilots and/or tugs and/or towboats and/or their owners when the Assured or their agents accept or are compelled to accept such contracts in accordance with established local law or practice. The Clause thus recognises the fact that some pilotage and towage contracts must be entered into in accordance with local law and practice; in particular where such contracts limit or exempt the liability of pilots, tugs and tug owners. In such circumstances, cl 1.2 ensures that the insurance cover remains in force. 4 The use of helicopters Clause 1.3 acknowledges that, with many modern marine operations, helicopters are utilised to transport personnel, supplies and equipment to and from a vessel. Thus, cl 1.3 states: The practice of engaging helicopters for the transportation of personnel, supplies and equipment to and/or from the Vessel shall not prejudice this insurance. Trading operations entailing loading and discharging operations at sea In the event of loading and discharging operations taking place at sea between two vessels, the ships would have to be ‘ranged’ alongside each other. Not surprisingly, such practice greatly increases the risk of contact and collision damage being sustained by either or both of the vessels. Thus, because of the hazardous nature of the operation and the attendant increase in risk, cl 1.4, often referred to as the ‘Ranging Clause’, confirms that such ‘trading’ 5 operations are not covered by the policy unless the vessels being loaded from or discharged into are ‘harbour or inshore craft’. Further, in recognition of the fact that transhipment is now a feature of modern sea-going operations, underwriters are prepared to undertake such risks provided that previous notice is given and the amended terms of cover and any additional premium is agreed. To this effect, cl 1.4 affirms: In the event of the Vessel being employed in trading operations which entail cargo loading or discharging at sea from or into another vessel (not being a harbour or inshore craft), no claim shall be recoverable under this insurance for loss of or damage to the Vessel or liability to any other vessel arising from such loading or discharging operations, including whilst approaching, lying alongside and leaving, unless previous notice that the Vessel is to be employed in such operations has been given to the Underwriters and any amended terms of cover and any additional premium required by them have been agreed. It is emphasised that the Clause excludes cover not only to the insured ship itself, but also liability for any damage caused to the other vessel. Thus, in such circumstances, it must be presumed that, in the event of any collision damage occurring between the two ships engaged in transhipment at sea, whether approaching, moored or leaving, the 3/4ths Collision Liability Clause, 6 would be ineffective. The Continuation Clause Clause 2 of the ITCH(95), the Continuation Clause, states that: Should the Vessel at the expiration of this insurance be at sea and in distress or missing, she shall, provided notice be given to the Underwriters prior to the expiration of this insurance, be held covered until arrival at the next port in good safety, or if in port and in distress until the vessel is made safe, at a pro rata monthly premium. Thus, provided that notice is given to the underwriter prior to the expiration of the insurance , the vessel is held covered even though she is: (a)   at sea and in distress or missing—in which case, the vessel is held covered until arrival at the next port in good safety; or (b)   in port and in distress – in which case, the vessel is held covered until she is made safe. However, the fact that the vessel may be held covered under the Continuation Clause, thereby extending the period of insurance, does not mean that the policy is anything other than a time policy within the meaning of s 25(1) of the Act. Reference to this was made by Lord Denning in the case of Compania Maritima San Basilio SA v Oceanus Mutual Underwriting Association (Bermuda) Ltd, ‘Eurysthenes’ [1976] 2 Lloyd’s Rep 171, CA, the facts of which were cited earlier. 7 Lord Denning MR: [p 177] …Mr Mustill [for the shipowners] stressed the word ‘definite’ in s 25. This means, I think, that the period must be specified. But it is, I think, sufficiently specified if it specifies a stated period, even though that period is determinable on notice, and even though the assurance will be renewed or continued automatically at the end of the period, unless determined; or will continue under a continuation clause. This is supported by the fact that, in an ordinary time policy, the Institute Time Clauses (Hulls) include a continuation provision in cl 4 [now cl 2], but that does not prevent the policy being a time policy. The Termination Clause Automatic termination A time policy of insurance will, under normal circumstances, expire on the date specified in that policy. However, ‘unless the underwriters agree to the contrary in writing’, a time policy of insurance will terminate automatically should any of the conditions laid down in cl 5, the Termination Clause, not be met. The importance of the Clause lies in the fact that it is prefaced with a paramount clause, in bold print, declaring: This Clause 5 shall prevail notwithstanding any provision whether written typed or printed in this insurance inconsistent therewith. The significance of the words ‘automatic termination’ in cl 5.1 is that, unlike the breach of a promissory warranty which a breach of cl 4, the Classification Clause, amounts to, there is no question of the breach being waived by the insurers; the contract of insurance is automatically terminated. The Termination Clause is in two parts: the first part deals with ‘classification’, and the second with ‘change of ownership or flag’ and related matters. It is emphasised that cl 5, the Termination Clause, must be read in conjunction with cl 4, the Classification Clause, discussed below. 8 As will be seen, there is a degree of overlap between these two Clauses on matters pertaining to classification societies and maintenance of class. Classification Clause 5.1 of the ITCH(95) confirms that: Unless the Underwriters agree to the contrary in writing, this insurance shall terminate automatically at the time of… change of the Classification Society of the Vessel, or change, suspension, discontinuance, withdrawal or expiry of her Class therein, or any of the Classification Society’s periodic surveys becoming overdue unless an extension of time for such survey be agreed by the Classification Society, provided that if the Vessel is at sea, such automatic termination shall be deferred until arrival at her next port. However, where such change, suspension, discontinuance or withdrawal of her Class or where a periodic survey becoming overdue has resulted from loss or damage covered by Clause 6 of this insurance or which would be covered by an insurance of the Vessel subject to current Institute War and Strikes Clauses Hulls—Time, such automatic termination shall only operate should the Vessel sail from her next port without prior approval of the Classification Society or in the case of a periodic survey becoming overdue without the Classification Society having agreed an extension of time for such survey… Thus, unless the underwriters agree to the contrary in writing, the insurance will terminate automatically at the time of: (a)   change of the Classification Society of the vessel; or (b)   change, suspension, discontinuance, withdrawal or expiry of her class therein; or (c)   any of the Classification Society’s periodic surveys becoming overdue, unless an extension of time for such survey be agreed by the Classification Society. Change of classification society Clause 5.1, the Termination Clause provides for an automatic termination of the policy in the event of a ‘change of the Classification Society of the Vessel’. In this connection, there is a degree of overlap between cl 4.1.1 of the Classification Clause and cl 5.1, the Termination Clause. But, as the Termination Clause is expressly confirmed as prevailing over other provisions in the insurance, there must be ‘automatic termination’ of the insurance in the event of a change of classification society or a failure to maintain class, unless, of course, the underwriters agree to the contrary in writing. The only other proviso made by cl 5.1 with regard to automatic termination is that: ‘…if the vessel is at sea, such automatic termination shall be deferred until arrival at her next port.’ 9 Change, suspension, discontinuance, withdrawal or expiry of class Again, a degree of overlap can be seen here, in that cl 5.1, the Termination Clause, has also concerned itself specifically with ‘change, suspension, discontinuance, withdrawal or expiry’ of Class. Clause 4.1 is, however, couched in more general terms, that ‘her class within that Society be maintained’. Though it is expressly stated that its breach will result in discharging the insurer from liability, nevertheless, as described earlier, the paramount clause in the Termination Clause will take precedence and the contract will be automatically terminated. However, cl 5.1 offers a reprieve in its proviso, that termination of the policy will not operate: …where such change, suspension, discontinuance, withdrawal or expiry of her class has resulted from loss or damage covered by Clause 6 of this insurance or which would be covered by an insurance of the Vessel subject to current Institute War and Strikes Clauses Hulls—Time… But, termination will automatically take place ‘should the Vessel sail from her next port without prior approval of the Classification Society…’. So, what is meant by a ‘withdrawal’ of class or a failure to maintain class? This issue was considered in the Caribbean Sea case, below. Prudent Tankers Ltd SA v Dominion Insurance Co Ltd, ‘Caribbean Sea’ [1980] 1 Lloyd’s Rep 338 The tanker Caribbean Sea was insured under a policy incorporating the American Institute Hulls Clauses and classified by Bureau Veritas. When she sank in fair weather conditions whilst on a voyage from the Panama Canal to Tacoma, because of the circumstances surrounding the loss, the issue of classification arose. The insurers contended that they were not liable under the policy, because a previous minor grounding had invalidated her class. A ship’s class, the court decided, could only be withdrawn by the classification society if the ship had not been kept in proper condition or had not been subjected to surveys as required under the classification society’s rules. On confirmation of the rules laid down by way of a letter from the classification society regarding class, the court differentiated between ‘loss of validity of the classification certificate’ and ‘withdrawal of class’. Robert Goff J: [p 349] …M Ollivier, head of the relevant department of Bureau Veritas, wrote as follows on 7 June 1979: The Society’s Rules differentiate between the loss of validity of the classification certificate, which is an automatic consequence of the omission of the owner to fulfil his obligations towards the Society, and the withdrawal of class, which requires a positive act from the Society. After a grounding and in order to revalidate the classification certificate, the owner or his representative must, in conformity with regulation 2– 14.11 (1977 Rules), call in a surveyor. When Caribbean Sea was on transit in the Panama Canal and stopped at Cristobal and Balboa in May 1977, the Society did not have a surveyor in the area. In the absence of a BV surveyor, the ship’s captain should have, in conformity with regulation 2–14.14, notified BV Head Office in Paris of the grounding. At that time, the Society had a surveyor available for survey at Tacoma. …In the case of Caribbean Sea , apart from the automatic invalidation of the classification certificate rendering the class position irregular (if the vessel grounded in the Maracaibo Canal on 20 May 1977), the Society has no knowledge of any other circumstances which would have affected the class position of the vessel at the date of her loss. It is clear from this letter that, on the interpretation placed by Bureau Veritas on their own rules, and on the application of these rules to the events which occurred, the ship’s class was not, in fact, affected. It follows, in my judgment, that for this reason alone, the underwriters are unable to say that the ship’s class was changed, cancelled or withdrawn, and accordingly, their argument based on the hull clauses fails. But even if I am wrong in this conclusion and I have to decide the point as a matter of the construction which I myself would place upon r 2–14, I would reach the same conclusion. The words of 2–14.11 are, in my judgment, plain. They state that ‘the classification certificate loses its validity’. I can see no reason why I should give these words any other than their natural and ordinary meaning. As M Ollivier states, the rules themselves distinguish between the classification certificate, and the ship’s actual class. …The rule therefore refers expressly to r 2–14, and provides that, if the ship has not been subjected to the surveys as required by that rule, her class may be withdrawn. Now if the underwriters’ submission was correct, that rule would be nonsensical, because on their argument, the vessel’s class would already have automatically ‘lost its validity’ by virtue of the grounding or damage; if that were so, it would be otiose, indeed inconsistent, to provide that, in the event of a failure to subject the ship to a survey following such grounding or damage the vessel may lose her class. For this reason alone, I can see no reason why I should depart from the natural and ordinary meaning of the words of r 2–14.11; and it follows once again that there was, by virtue of the grounding, no change, cancellation or withdrawal of the ship’s class, and the underwriters’ argument fails. Periodic survey becoming overdue An ‘automatic termination’ of the contract of insurance would arise should any requirement by the Classification Society to undertake periodic surveys not be adhered to. The only exception to the rule is, as in the case of a ‘change, suspension, discontinuance, withdrawal or expiry of class’, where ‘a periodic survey becoming overdue has resulted from loss or damage covered by Clause 6 or which would be covered by an insurance of the Vessel subject to current Institute War and Strikes Clauses Hulls—Time’. But, ‘should the Vessel sail from her next port…without the Classification Society having agreed an extension of time for such survey, the policy will terminate automatically’. Change of ownership or flag Clause 5.2 of the Termination Clause states that: Unless the Underwriters agree to the contrary in writing, this insurance shall terminate automatically at the time of: …any change, voluntary or otherwise, in the ownership or flag, transfer to new management, or charter on a bareboat basis, or requisition for title or use of the Vessel, provided that, if the Vessel has cargo on board and has already sailed from her loading port or is at sea in ballast, such automatic termination shall if required be deferred, whilst the Vessel continues her planned voyage, until arrival at final port of discharge if with cargo or at port of destination if in ballast. However, in the event of requisition for title or use without the prior execution of a written agreement by the Assured, such automatic termination shall occur 15 days after such requisition whether the Vessel is at sea or in port. The primary purpose of cl 5.2 of the Termination Clause is to protect the insurer from changes in the vessel’s status with respect to: (a)   any change in the ownership; (b)   any change in the flag; (c)   transfer to new management; (d)   charter on a bareboat basis; or (e)   requisition for title or use, all of which would materially alter the risks insured. But, if required, the ‘automatic termination’ may be deferred until arrival at the final port of discharge, if the vessel has cargo on board and has already sailed from her loading port. Similarly, it may also be deferred to the port of destination, if the vessel is in ballast and has already sailed. With respect to a ‘requisition’ which takes place without the prior execution of a written agreement to that requisition by the assured, termination shall occur 15 days after the requisition, regardless of whether the vessel is at sea or in port. The corollary of this is that, should the vessel be requisitioned ‘with’ the prior execution of a written agreement by the assured, there would be no period of grace, and the policy would terminate as from the time of that agreement. Return of premium The Termination Clause, cl 5, of the ITCH(95) concludes with a reference to return of premium in the event of ‘automatic termination’, when it states: A pro rata daily return of premium shall be made provided that a total loss of the Vessel, whether by insured perils or otherwise, has not occurred during the period covered by this insurance or any extension thereof. That is, unless there has been a total loss of the insured vessel, whether or not that loss has been caused by a peril insured against, there will be a pro rata return of premium. The Classification Clause Clause 4.1 of the Classification Clause states: 10 4.1   It is the duty of the Assured, Owners and Managers at the inception of and throughout the period of this insurance to ensure that: 4.1.1 the Vessel is classed with a Classification Society agreed by the Underwriters and that her class within that Society is maintained; 4.1.2 any recommendations requirements or restrictions imposed by the Vessel’s Classification Society which relate to the Vessel’s seaworthiness or to her maintenance in a seaworthy condition are complied with by the dates required by that Society. Clause 4.2 of the Classification Clause then goes on to spell out the effect of a breach of any of the conditions contained within cl 4.1, when it affirms: 4.2   In the event of any breach of the duties set out in Clause 4.1 above, unless the Underwriters agree to the contrary in writing, they will be discharged from liability under this insurance as from the date of the breach provided that if the Vessel is at sea at such date the Underwriters’ discharge from liability is deferred until arrival at her next port. For all intents and purposes, the duties imposed by cl 4.1 are warranties, the breach of which should now, in the light of the Good Luck case on promissory warranties, automatically discharge the insurer from liability. 11 The conditions set out in cl 4.1.1 of the Classification Clause are complementary to, and in some respects mirror, the classification conditions laid down under the Termination Clause, cl 5, discussed earlier. 12 However, by reason of the paramount clause incorporated into the Termination Clause, it must be remembered that the latter will have precedence over the Classification Clause and any breach with respect to classification, without agreement from the underwriters in writing, must bring about an ‘automatic termination’ of the contract of insurance. Though there is a degree of overlap between cl 4.1.1 (on classification) and cl 5 (the Termination Clause), cl 4.1.2, on the subject of seaworthiness, is, however, not covered by the Termination Clause. Regarded as the most significant provision of the Classification Clause, cl 4.2 is by no means to be read as introducing a warranty of seaworthiness into a time policy: its scope is confined specifically to ‘recommendations, requirements or restrictions’ imposed by the vessel’s Classification Society on matters relating to the vessel’s seaworthiness and her maintenance in a seaworthy condition. It is the failure to comply with such recommendations, etc, that constitutes a breach of the clause. Whether the vessel is, or is in fact not, rendered unseaworthy by reason of the failure to comply is beside the point. It is to be noted that cl 4.2—stipulating the effect of discharge from liability – is applicable only to a breach of cl 4.1. The legal consequences of a breach of cl 4.3, for a failure to report ‘any incident condition or damage in respect of which the Vessel’s Classification Society might make recommendations as to repairs or other action’, and of cl 4.4, for ‘failure on the part of the Assured to provide the necessary authorisation so as to enable the Underwriters to approach the Classification Society directly for information and/or documents’, are not stated. VOYAGE POLICY A voyage policy of insurance, whether it be on ship, goods or freight, is defined by s 25(1) of the Act in the following terms: Where the contract is to insure the subject matter at and from, or from one place to another or others, the policy is called a ‘voyage policy’ … Whilst it is accepted that most ships are now insured under time policies of insurance, for practical reasons, there is nothing to prevent a voyage policy on ship being effected, particularly in the event of one-off voyages. However, there are many old constraints and problems, associated with voyage policies, which do not apply to time policies. Goods, on the other hand, are almost invariably insured under voyage policies and, because of their importance, will be dealt with separately. Voyage policy on ship Over the years, a major issue associated with voyage policies has been that of determining when the policy ‘attaches’ and ‘terminates’. Section 25(1) describes a voyage policy as a policy where the contract is to insure the subject matter ‘at and from’ or ‘from’ one place to another. Furthermore, unless the policy provides otherwise, the words ‘from’ or ‘at and from’ must have the meaning given to them by rr 2 and 3 of the Rules for Construction contained within the Act. The policy attaches ‘from’ a particular place Rule 2 of the Rules for Construction states: Where the subject matter is insured ‘from’ a particular place, the risk does not attach until the ship starts on the voyage insured. Where a voyage policy is characterised as being ‘from’ a particular port or place, for the policy to attach, the vessel must have left her moorings or broken ground with the intention of starting upon the actual voyage insured. Simply moving from moorings to an anchorage in readiness to sail is not to be construed as the commencement of the insured voyage, as was shown in Sea Insurance Co v Blogg , below. Sea Insurance Co v Blogg [1898] 2 QB 398, CA This was a claim on a reinsurance policy on goods where a vessel was lost on a voyage from Newport News, Virginia, to London. The policy had been underwritten to attach on or after 1 March 1896. Late on 29 February 1896, the steamship Masacoit completed her loading at the wharf at Newport News and the master then moved her from the wharf to an anchorage in the James River in readiness for departure in the morning. Evidence was provided to show that the master had moved the ship in order to stop his crew going ashore and getting drunk. The following morning, 1 March, the Masacoit sailed for London and was lost. When the insurers claimed on their policy of reinsurance, the reinsurers refused payment, on the basis that the voyage had commenced on 29 February and, therefore, the policy had not, in compliance with the policy attached ‘on or after 1 March’. The Court of Appeal upheld the decision of the trial judge and ruled that the reinsurers were liable under the policy. The moving of the ship on the night of 29 February was not intended to be the commencement of the insured voyage; the voyage did not actually commence until the following morning, 1 March. AL Smith LJ: [p 400] …I think that the evidence is conclusive that it was not the intention that the ship should sail when she was moved from the quay that night, but the intention merely was that she should move out into the stream for the night, and should not start on her voyage till the next morning. She was only moved a short distance, namely, about 500 yards, from the wharf in order that the crew might not be able to go ashore and get drunk, and there was no intention of then commencing the voyage. Alteration of port of departure—s 43 Not surprisingly, if a vessel departs on her insured voyage from a port other than that named in the policy, the risk does not attach. This is confirmed by s 43 of the Act, which states: Where the place of departure is specified by the policy, and the ship, instead of sailing from that place, sails from any other place, the risk does not attach. Section 43 is based upon the principle laid down in the old case of Way v Modigliani , below. Way v Modigliani (1787) 2 Term Rep 30 The vessel Polly was insured: ‘…at and from 20 October 1786, from any ports in Newfoundland to Falmouth.’ On 1 October 1786, Polly left Newfoundland to fish on the Grand Banks, from whence she departed for England on 17 October with her catch of fish. Polly was lost on the voyage to Falmouth. When the policy was claimed upon, the court ruled that the insurance had never attached. Buller J: [p 32] …the policy never attached at all. Where a policy is made in such terms as the present to insure a vessel from one port to another, it certainly is not necessary that she should be in port at the time when it attaches, but then she must have sailed on the voyage insured, and not on any other. The above case should be compared with Driscoll v Passmore , below, where the question before the court was whether a ‘leg’ of an overall round voyage could be considered as a separate insurable voyage rather than as a part of the whole. The insurers of the freight to be earned on the leg on which the loss occurred denied liability for that loss, because, they contended, the ship had sailed from the wrong port on the previous leg. Driscoll v Passmore (1798) 1 B&P 200 The vessel Timandra was insured under three policies covering a round voyage from Lisbon to Madeira, thence to Saffi in Africa and back to Lisbon. The policy in question was a policy on freight covering the return voyage from Saffi to Lisbon. When Timandra arrived at Madeira, the crew refused to sail to Saffi, because of the presence of Moorish cruisers in the area. Thus, the captain brought Timandra back to Lisbon before sailing direct to Saffi. Timandra was captured on her return voyage from Saffi to Lisbon. The insurers of the voyage from Saffi to Lisbon refused to pay for the loss because, they contended, the voyage which had been insured was part of a voyage from Madeira to Saffi and back to Lisbon, not from Lisbon to Saffi and back. The latter being a new voyage, therefore, the insurance never attached. The court ruled that the insurers were liable for the loss; the voyage insured was separate from the voyage as a whole, and that part of the voyage had, in substance, been performed. Eyre CJ: [p 203] …It has been argued in support of the rule, that the voyage insured was the third branch of a specific voyage, specifically described in the policy; but I take the voyage insured to be a voyage from Saffi to Lisbon only. …The voyage from Saffi to Lisbon might have been performed with as much ease after the circuitous voyage had taken place (unless a Spanish war had broken out) as in the direct course originally proposed. On what principle then can the underwriters be discharged? The voyage has, in substance, been performed: the ship was diverted from her intended course by circumstances for which no one was to blame, and having arrived at Saffi, took in the cargo which was the original object of the insurance Sailing for a different destination—s 44 Where a vessel sails ‘from’ the agreed place of departure to a place or port other than that specified in the policy, the risk does not attach. To this effect, s 44 of the Act states: Where the destination is specified in the policy, and the ship, instead of sailing for that destination, sails for any other destination, the risk does not attach. Section 44 is based upon the ruling in the old case of Wooldridge v Boydell , below. Wooldridge v Boydell (1778) 1 Doug KB 16 The vessel Molly was insured for a voyage from Maryland to Cadiz. In reality, it was suspected that Molly was engaged in supplying the American army during the War of Independence and was actually bound for Boston. In the event, Molly left Maryland under papers for Falmouth and was captured in the Chesapeake Bay. The fact that her loss occurred before a different course could be set for Falmouth, rather than Cadiz, made no difference, because, where the port of destination was changed, the risk never attached. Lord Mansfield: [p 17] …The policy, on the face of it, is from Maryland to Cadiz, and therefore purports to be a direct voyage to Cadiz. All contracts of insurance must be founded on truth, and the policies framed accordingly… Here, was the voyage ever intended for Cadiz? There is not sufficient evidence of the design to go to Boston, for the court to go upon. But some of the papers say to Falmouth and a market, some to Falmouth only. None mention Cadiz, nor was there any person in the ship, who ever heard of any intention to go to that port…In short, that was never the voyage intended, and, consequently, is not what the underwriters meant to insure. Simon, Israel and Co v Sedgwick [1893] 1 QB 303, CA Goods specifically insured for a voyage from Bradford to Madrid via ‘…any port in Spain this side of Gibraltar’, were lost when they were carried in a ship bound for Cartagena, the other side of Gibraltar. The court held that the policy had not attached. Lindley LJ: [p 306] …The plaintiffs say that, upon the true construction of this policy, this is a policy from Bradford to Madrid. If it is, then I think it is not denied by their opponents that the underwriters would be liable. But it is contended that this is not a policy from Bradford to Madrid; and, on consideration, I have come to the conclusion that the view of the underwriters is right. We must ask ourselves what is the voyage that includes the risks to which I have alluded—the risks printed in type? …The starting point is that the goods were insured from Liverpool to some place this side of Gibraltar. They never were on that voyage; and, that being the case, you cannot extend the policy to cover the risks not included in the voyage for which these goods were insured. That appears to me to be the short answer, and the conclusive answer, to the plaintiffs’ argument. In other words, this policy is not a policy from Bradford to Madrid; and the plaintiffs are unable, by reason of the blunder which has been committed, to bring themselves within the risks which are included in a voyage for which these goods were insured. I think the view taken by the learned judge is right, and that this policy never attached, and, that being so, the memorandum about deviation, or change of voyage, does not affect the question. The policy attaches ‘at and from’ a particular place A ship may be insured under a voyage policy of insurance which specifies that the risk attaches ‘at and from’ a particular port or place. The significance of the words ‘at and from’ are spelt out by r 3 of the Rules for Construction, which states: (a)   where a ship is insured ‘at and from’ a particular place, and she is at that place in good safety when the contract is concluded, the risk attaches immediately; (b)   if she be not at that place when the contract is concluded, the risk attaches as soon as she arrives there in good safety, and, unless the policy otherwise provides, it is immaterial that she is covered by another policy for a specified time after arrival. However, there is a third scenario, not contemplated by the Act, namely, where the ship has already sailed from the named port at the time the contract is concluded. Thus, with respect to attachment of risk, there are three situations which may arise at the time the contract is concluded: (a)   the ship is already at the named port; (b)   the ship is not yet at the named port; or (c)   the ship has already sailed from the named port. The significance of the word ‘at’ and the words ‘good safety’ will also be considered. The ship is already at the named port If the ship is already at the port named in the policy, the policy cannot attach if the ship is at the specified port for purposes other than the voyage insured. However, once the ship is deemed to be ‘preparing’ for the voyage insured and is in ‘good safety’ at the port named in the contract, the policy will attach. This was clearly illustrated in the case of Lambert v Liddard , below. Lambert v Liddard (1814) 5 Taunt 480 The ship Lion was insured under a voyage policy at and from Pernambuco or other ports in Brazil to London. When Lion , which had previously been engaged as a privateer, arrived near Pernambuco, an officer was dispatched ashore to inquire into the availability of cargo. On hearing there was no cargo available, Lion sailed for St Salvador, a Brazilian port 600 miles to the north, in order to secure an alternative cargo, but, whilst on passage, she was lost. When the plaintiff claimed on his policy of insurance, the insurers refused payment, contending that the ship had not put into any port in Brazil and, therefore, the policy had never attached. The court ruled that the insurers were liable as the policy had attached when Lion arrived off Pernambuco in preparation for the voyage insured. Chambre J: [p 487] …The ship had finished her cruise [as a privateer], and was preparing for her voyage to England. What preparation was she to make? She was not coming in ballast to England; she was to get a cargo. She goes to Pernambuco; she inquires there for a cargo, and does not obtain one; but can it be said, that while she was so employed, she was not preparing? She went thither for the very purpose of preparing. Not getting a cargo there, she goes to another part of the coast for the same purpose. The policy attached at Pernambuco, and there was no subsequent deviation, she had a right to go to any of the other ports, to perfect her cargo, I therefore think the rule must be discharged. In similar vein, the House of Lords referred to the above case when reaching their decision in Tasker v Cunninghame , below. Tasker v Cunninghame (1819) 1 Bligh 87, HL The vessel Henrietta was insured for a voyage ‘at and from’ Cadiz to the Clyde; the destination later being altered to Liverpool with the consent of the insurers. The purpose of the voyage was to sail to Liverpool and load salt for a fishery in Newfoundland. However, salt became available at Cadiz and, without informing the insurers, it was decided that Henrietta should load the salt at Cadiz and then sail direct to Newfoundland. Some eight days after the change of destination, Henrietta stranded in Cadiz harbour after a storm, and she was later totally lost when French troops set fire to her. The insurers refused to settle the claim because the intended voyage had been abandoned. The House of Lords ruled that the insurers were not liable under the policy; once the insured voyage was abandoned, the policy was no longer in force. House of Lords: [p 103] …The Lords found (7 July 1819) that the voyage ought to be considered as having been abandoned before the loss of the vessel – and the interlocutors were reversed. Upon the question, when a risk commences under the word ‘ at’ , the case of Lambert v Liddard (1814) 5 Taunt 480, makes the nearest approach to the case reported. In Lambert v Liddard , it was held that the risk had commenced upon the ground that the ship had prepared for the voyage , by inquiring for a cargo. Where the contract is, that the beginning of the adventure shall be ‘immediately from and after the arrival of ‘the ship at’, etc; or ‘from the departure’, the difficulty is removed. In the common case where it is ‘at and from’, etc, without any special words to restrict the meaning of the word ‘ at’ , the beginning to load the cargo, or preparing for the voyage, seem to be the principal circumstances to determine the commencement of the risk. It should be noted that the words ‘ at and from’ may have a wide or narrow meaning, depending on the context in which they are used. If, for example, a ship is insured ‘at and from’ Japan, the policy would attach whenever the ship arrived in good safety anywhere in Japan, provided that she was preparing for the insured voyage. But, if the ship is insured ‘at and from’ Tokyo, the policy could only attach when the ship actually arrived in Tokyo itself, in good safety and preparing for the voyage insured. This very point was the issue in the case of Maritime Insurance Co v Alianza Insurance Co of Santander , below. Maritime Insurance Co v Alianza Insurance Co of Santander (1907) 13 Com Cas 46 This was a case involving reinsurance. The plaintiffs, the original insurers of the vessel Dumfriesshire , underwrote a voyage policy ‘at and from a port in New Zealand to Nehoue, New Caledonia and while there and thence to Grangemouth’. The plaintiffs then effected a policy of reinsurance with the defendants, which only provided cover for part of the original risk, namely, ‘at and from 1 July 1904, until 31 August 1904…whilst at port or ports, place or places in New Caledonia’. Dumfriesshire struck the reef surrounding New Caledonia, about 10 miles from the mainland, and suffered damage. The reef was considered as being geographically part of New Caledonia. After settling the claim on the original insurance, the plaintiffs sought to recover their loss under the policy of reinsurance. The reinsurers refused payment. The court ruled that the plaintiffs could not recover under the policy of reinsurance. The words ‘port or ports, place or places’ limited the attachment of the cover to a port or place in New Caledonia. A reef, which surrounded the island, could not be construed to mean a ‘port’ or ‘place’ as described in the policy, which, therefore, had not attached at the time of the loss. Walton J: [p 49] …If the reinsurance had been against losses occurring whilst the vessel was ‘at’ New Caledonia, it may be that the defendants would be liable. I think that would be so if the reef was in New Caledonia. But the policy is not against losses occurring whilst ‘at’ New Caledonia. The words used are different—‘at port or ports, place or places in New Caledonia’. Is the effect the same? I have come to the conclusion it is not. [p 50] …I do not wish to attempt an exhaustive interpretation, but it seems to me that the word ‘place’ means some place at which the vessel has arrived to load, or maybe to discharge, or to take coal, or to repair, or even to shelter—a place at which the vessel is for some purpose, not a place at which she happens to be in passing. As the loss did not occur, within the meaning of the policy, at a ‘port or ports, place or places in New Caledonia’, there must be judgment for the defendants. Ship not at named port In accordance with r 3(b) of the Rules for Construction, a ship need not be at the named port at the time the contract of insurance is concluded; the policy attaching later, at the time when the ship arrives at the named port in good safety. In addition to r 3(b), the first part of s 42(1) of the Act also confirms that: Where the subject matter is insured by a voyage policy ‘at and from’ or ‘from’ a particular place, it is not necessary that the ship should be at that place when the contract is concluded. It is emphasised that, where the contract of insurance is concluded before the vessel is at the named port, the policy attaches at ‘the first arrival’ of the vessel in good safety within the ‘geographical limits’ of that named port. This was illustrated in the case of Houghton v Empire Marine Insurance Co Ltd , below. Houghton v Empire Marine Insurance Co Ltd (1866) LR 1 Exch 206 The vessel Urgent arrived at Havana, but, having entered the harbour, grounded and sustained damage when she fouled the anchor of another ship. The insurers claimed they were not liable under the policy because Urgent had not been in good safety when the damage occurred and, that being so, the policy on the previous voyage had not terminated, as the requirement for termination was that the ship should have arrived at the port of destination and be moored there in good safety for 24 hours. The court ruled that the insurers were liable, as the policy had attached as soon as Urgent arrived ‘geographically within the harbour’ of Havana. The meaning of ‘good safety’ at the commencement of the risk was not the same as that for the termination of the risk, 13 and, furthermore, it was irrelevant that the previous policy was still in force. Channel B: [p 209] …It appears that Urgent having arrived off Havana, the captain engaged the services of a steam tug and a pilot for the purpose of taking her to a clear anchorage. She was towed into the harbour, past the point where she ultimately discharged her cargo, to a point at the head of the harbour, called the Regla Shoal. There she grounded, and received damage from the anchor of another ship. In my opinion, she was at that time at Havana, and, consequently, the risk under the policy had attached. The damage occurred at Havana, geographically speaking, and there is nothing which, to my mind, shows that the parties, at the time this policy was underwritten, contemplated any other meaning of the word ‘ at’ . All the limitation which the law appears ever to have imposed as to the time of commencement of the risk in such a case is, that the ship should arrive at the port at which she is insured in a state of sufficient repair or seaworthiness to be enabled to be there in safety: see Parmeter v Cousins , and Bell v Bell , 14 in the latter of which cases the ruling of Lord Ellenborough CJ, at Nisi Prius , was upheld by the court in Blanc. Here, however, there seems to be no doubt that the ship was really within the harbour in good safety, and the loss occurred from a peril in the harbour, and in no way from any injuries she had received before her arrival. The ship being insured while at Havana is evidently, in the absence of any provision to the contrary, insured all the time she is there, and therefore the risk commences on her first arrival, as put by Lord Hardwicke in Motteaux v London Assurance Company . 15 Unless, therefore, we can say that her first arrival at the port is when she cast anchor there, instead of when she enters the port, our judgment must be for the plaintiffs. In many cases, the nature of the port may be such that the two events may be identical. There may be nothing to show the arrival till the vessel casts anchor. But here we have evidence as to the port of Havana which is sufficient, in my judgment, to show that the arrival was before casting anchor. It has been argued that the first arrival, which must be no doubt in good safety, must be identical with the mooring in good safety usually named in outward policies. But I think we cannot construe the terms of one contract by reference to those of another not referred to in it. And it is clear that there is no usage that the duration of the outward and homeward policies should not overlap, because the outward policy usually extends to 24 hours after the vessel is moored in good safety. During those 24 hours, there is no question that there is double insurance, and, therefore, I see no ground for saying that the parties contracted subject to any usage that such a policy would not attach until the previous one had determined…if…they had chosen to make the risk date from the vessel being moored in safety, they would have done so; but, as it stands, it is from the first arrival, which, as a matter of fact, I think to be on her entering the port. My judgment is, therefore, for the plaintiffs, that the rule be discharged. Pigott B: [p 211] …The sole question is whether the policy had attached. I am of opinion that it had. I agree with the plaintiffs counsel, that the language used by the parties ought to have a plain construction, and that as the ship had arrived geographically within the harbour of Havana, and was in good safety there before the injury was received, the risk then commenced. It is emphasised that the principles relating to the attachment of risk are the same whether the policy is on ship or freight. In Foley v United Marine Insurance Co of Sydney , below, the insurers put forward the argument that, because the policy was on freight, the risk could not attach until the vessel had fully discharged her previous cargo and was in readiness to receive the cargo for the voyage under which the freight was insured. Foley v United Marine Insurance Co of Sydney (1870) LR 5 CP 155 The plaintiff owner of the ship Edmund Graham chartered her to the agents of a merchant for a voyage from Mauritius to Akyab in Burma; there to await orders to load a cargo of rice for Europe. The plaintiff insured the freight to be earned under the charterparty with the defendants. Whilst Edmund Graham was discharging her outward cargo in Mauritius, she was wrecked by a violent hurricane. The plaintiff claimed on his policy on freight, but the insurers refused payment on the basis that the cargo from the previous voyage had not been fully discharged and, therefore, the voyage on which the freight had been insured had not yet commenced. Thus, the insurers contended, the policy on freight had not attached. The court ruled that the policy on freight had attached when the ship arrived at Mauritius. The fact that the ship still had cargo on board from a previous voyage when she was wrecked did not mean that the risk on the policy on freight covering the next voyage had not attached. Therefore, the insurers were liable for the loss of freight. Lush J:

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The Most Important Types Of Marine Insurance Policies

If you are entering into an international sale of goods, it is likely that you or your counterparty wants to insure the goods that are going to be shipped.

If you are familiar with Incoterms, you will know that under certain clauses, i.e. CIF Cost, Insurance and Freight and CIP Carriage and Insurance Paid To, insurance is specifically regulated in terms of who has to provide insurance and what minimum coverage must be provided.

Apart from the Incoterms that specifically mandate insurance, it is always advisable that the party that bears the risk of loss or damage while the goods are being shipped buys protection.

Since most of the global trade occurs by ship on cargo, we will discuss the most important types of marine cargo insurance .

As a general principle, there are six types of insurance coverage : voyage policy, time policy, valued policy, unvalued policy, floating policy, open cover.

These kinds of policies are incorporated into the Institute Cargo Clauses , that are common standards for marine cargo insurance (for a detailed analysis of each Institute Cargo Clause (A), (B) and (C) you can refer to our article about insurance clauses).

Voyage policy and time policy

A voyage policy is an insurance that covers a particular voyage only . If the shipment is set to leave Instanbul with destination Rotterdam, a voyage policy would cover that specific journey.

A time policy is a policy that insures the subject matter for a fixed time . A ship may be insured for two years starting at a certain date.

It is also possible to adopt a mixed policy , whereby the insurance covers a particular voyage and runs for a specified period, for example, if a ship is insured for a voyage from Dubai to Genoa, and then for 30 days after the arrival in Genoa.

A common practice is to cover for both pre- and post-shipment risks , as provided by all the Institute Cargo Clauses: cover from the moment the cargo leaves the warehouse or storage depot at the place named in the policy for the commencement of the transit until they are delivered to the consignee or final warehouse or place of storage at the port of destination, or the warehouse or storage place at the port of destination or prior to port of destination.

Where delivery has not taken place, cover continues for a period of 60 days from the time the goods are discharged from the vessel at the final port of discharge.

Valued policy and unvalued policy

A valued policy is an insurance coverage whereby the value of the goods insured is agreed by the parties . The agreed value does not necessarily have to reflect the actual value of the merchandise. What that means is that the buyer may push for a higher insured value in order to take into account the profits that he expects to derive from the goods.

Therefore, if the buyer purchases merchandise for USD 100,000 on which he expects a 10% profit, he might agree to insure the goods for USD 110,000.

While effective in protecting the buyer not only from the loss of the goods but also from the damage of not receiving the goods to the business, a valued policy must be communicated and agreed by the insurer , especially whenever the difference between the actual value and the agreed value is meaningful.

In an unvalued policy , the value of the goods is calculated according to statutory law ; in the case of English law, these rules are dictated by the Marine Insurance Act and essentially provide that the insured value of the goods is their commercial value, plus transportation expenses .

As a result, an unvalued insurance policy will not allow for the inclusion of the profit margin in the value of the goods insured.

Therefore, a valued policy is the preferred kind of insurance in an international sale.

Floating policy and open cover

A floating policy is an insurance policy whereby the details about the shipment and the goods are not known completely at the time when the insurance policy is taken out.

That could be the case where the parties agree that the goods be delivered in different batches , and it is not known in advance the name of the vessels that will perform the shipment, the dates, etc.

Of particular importance is the value at which the goods are insured when the policy is issued. Suppose that the parties agree that USD 100,000 of merchansise be shipped in five different batches worth USD 20,000 each at five different times.

Every time a batch is delivered, the insurer will exhaust the value of the goods from the total amount insured, so that, after the first batch is delivered, the remaining amount at disposal will be USD 80,000.

The problem is that, if for any reason, for example the parties amend the contract to include an additional shipment or raise the value of the goods, the total insurable amount of the floating policy is still what was agreed when the policy was taken out , minus the sums that have been exhausted.

For example, the fifth shipment is worth USD 30,000 instead of USD 20,000, but the amount left in the policy is only USD 20,000, the insurance will cover the full amount of the goods, and a new policy would have to be underwritten.

To avoid this inconvenience, it is extremely popular in the insurance market nowadays to use a so-called open cover.

The open cover is not a policy, but simply an arrangement where the insurer undertakes to issue policies, floating or specific, when required by the assured.

In our previous example, had the parties agreed with the insurer an open cover, they could have requested a specific policy for any amount required, without having to negotiate a different policy underwriting each time, with the risk of letting the goods being shipped uncovered.

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voyage policy

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“Voyage policy.” Merriam-Webster.com Legal Dictionary , Merriam-Webster, https://www.merriam-webster.com/legal/voyage%20policy. Accessed 30 Apr. 2024.

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voyage policy

• A type of marine insurance coverage that applies exclusively to a specified trip
• A voyage policy was obtained to secure the ship's transatlantic journey.
• The cargo was covered under the voyage policy for its transport from New York to London.
• Due to the risks involved, the freight company ensures all its ocean-bound trips with a voyage policy.
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What is Marine Insurance? Types & Policies

What is Marine Insurance?

According to Marine Insurance Act, 1906 :

“ An agreement whereby the insurer undertakes to indemnify the assured, in the manner and to the extent thereby agreed, against incidental to marine adventure. It may cover loss or damage to vessels, cargo or freight. ”

Marine insurance is a type of insurance that provides compensation for losses or damages of ships, cargo, terminals, depots , and any transport by which the property is transferred, acquired, or held between the points of origin and the final destination. 

Ships, cargo vessels, terminals, and any other mode of transportation in which products are transferred or acquired between multiple points of origin and their eventual destination are covered by marine insurance .

This trip coverage protects shipping businesses and couriers against expensive potential losses while transporting goods by water by providing protection against transportation-related damages. The phrase was coined when parties began shipping products by sea. Marine insurance covers all means of cargo transportation, despite its name.

Also read: What is Outer Port Limit?  

Transporters can choose coverage options specific to their trade, which is a significant aspect of maritime insurance. Shipping companies can select a plan that is tailored to their needs due to the variations of coverage requirements. Depending on the size of the ship and the routes covered, different insurances are available to provide coverage.

Ships, cargo, terminals, and any transport by which property is transferred, acquired, or held between the original locations and the final destinations are all covered by marine insurance. Cargo insurance is a subset of marine insurance, which also covers onshore and offshore exposed property (container terminals, ports, oil platforms, and pipelines), as well as Hull, Marine Casualty, and Marine Liability. Shipping insurance is required when products are shipped by mail or courier.

Features of a Marine Insurance Policy

The loss or damage of ships, cargo, terminals, and any other mode of transport by which property is transferred, acquired, or held between the points of origin and the final destination is covered by a marine insurance contract.

Cargo insurance is a sub-branch of maritime insurance that also includes property that is exposed to the elements on the coast and offshore. Container terminals, ports, oil platforms, pipelines, hulls, maritime casualty, and marine liability are a few examples. Shipping insurance is utilized when goods are shipped through mail or courier. The Marine Insurance Act of 1963 covers any type of insurance in a marine contract.

Marine insurance has rigorous policy requirements. Insurance policies are well-defined contracts. Slight differences or infractions might result in claims being rejected. Therefore insurer guidelines should always be followed. When it comes to reimbursing claims, policy providers stick to strict guidelines, and straying from the path could result in a loss of coverage for a costly claim. With this in mind, it’s critical to understand your policy’s features and requirements to ensure you’re covered.

The agreement and policy will be void unless there is an insurable interest. Anyone whose goods are being transported by sea and who could be harmed has an insurable stake in it. The insurer accepts the contract once the contractual agreement has been strictly followed and a proposal for the assured has been made. If the policy has not been issued individually, it can be derived from a contract.

How does Marine Insurance work?

Marine cargo insurance is a form of property insurance that protects goods while they are being shipped. Certain risks linked with transportation by sea, air, or inland rivers might result in property losses while in transit.

Marine cargo insurance protects commodities and modes of transportation from damage caused by weather, piracy, improper loading or unloading of cargoes, and other factors. This insurance is mostly for international shipments, and it will cover the items from the time they leave the seller’s warehouse until they arrive at the buyer’s warehouse.

Damages and losses to the products while onboard may be covered by the carrier of the goods, whether it be an airline or a shipping business. However, compensation is usually agreed upon on a “per package” or “per consignment” basis. It’s possible that the coverage given won’t be enough to cover the cost of the products transported. As a result, exporters prefer to send their goods after having them insured by an insurance firm.

Also read: Top Container Terminal Operators in the World

Types of Marine Insurances

Different kinds of marine insurance are as follows:

Hull Insurance

This policy covers the vessel of transportation against damages and accidents. The policy covers the hull and torso of the transportation vehicle, like a ship, as well as the different articles present in the vessel.

Machinery Insurance

Machinery Breakdown Insurance provides cover against sudden and unforeseen physical loss or damage to the insured machinery. Machinery to be covered under this policy will include factory production machinery, workshop machinery, generators, industrial lathes, drills, compressors, etc.

Protection & Indemnity (P&I) Insurance

The primary purpose of P&I insurance is to provide policyholders with protection against personal injury, illness, and death claims from the crew, passengers, and so forth. P&I insurance also covers things like Liability claims as a result of a collision,  Removal of the wreck.

Liability Insurance

Liability insurance is a type of insurance in which compensation is bought to provide any liability occurring on account of a ship crashing or colliding.

Freight, Demurrage & Defence (FD&D) Insurance

Freight Demurrage and Defense (FD&D) is legal costs insurance. The insured member obtains legal support and covers for legal costs up to USD 5 million in relation to disputes, arising from owning and operating a vessel, that fall outside other insurance covers.

Freight Insurance

To transfer the goods from one port to another, the amount paid to the owner of the ship is called freight. The payment of such freight can be made in two ways: either in advance or after the ship reaches its destination safely.

Freight insurance offers and provides protection to merchant vessels’ corporations. It stands for the chance of losing money in the form of freight, in case the cargo is lost due to the ship meeting in an accident.

Marine Cargo Insurance

Marine cargo insurance is also known as cargo insurance. It covers physical damage or loss of your goods while in transit by land, sea, and air. It also offers considerable opportunities and cost advantages if managed correctly. If the cargo is ruined, the owner gets the indemnity from the insurance company.

Also read: What is a straddle carrier?

Types of Marine insurance policies

There are various types of marine insurance policies also which are offered by the insurance companies in order to help the clients to select the best insurance policy.

Different types of marine insurance policies are as follows:

Voyage Policy

A voyage policy is that kind of marine insurance policy which is valid for a particular voyage. It covers the risk from the port of departure up to the port of destination. This type of policy is considered useful for cargo. The insurance company gives indemnity for damage of any property of the insured during the period of the voyage. The liability of the insurer continues during the landing and re-shipping of the goods. The policy ends when the ship reaches the port of arrival. This type of policy is purchased generally for cargo.

Time Policy

This policy is issued for a fixed period of time. The policy is generally taken for one year although it may be less than one year. This policy is commonly used for hull insurance than for cargo insurance. The ship is insured for a fixed period irrespective of voyages.

Mixed Policy

The joint form of voyage policy and time policy is called mixed policy. This policy is generally used for ship insurance.

Open or unvalued policy

In this policy, the value of the cargo and consignment is not put down in the policy beforehand. The value thus left to be decided later on is called the unvalued or open policy. The insurable value of the policy includes the price of the insured’s property, investment price, incidental expenditure, and all the expenditure as well. The unvalued policy is not used in practice so much. This policy is used only in freight insurance.

Valued Policy

This policy is the opposite of the unvalued policy. In this policy, the value of the cargo and consignment is ascertained and mentioned in the policy document beforehand, thus, making clear the value of the reimbursements in case of any loss to the cargo and consignment.

Port Risk Policy

This policy is taken out in order to ensure the safety of the ship while it is stationed in the port. It covers the risks when a ship is anchored in the port. This policy is taken in order to protect the vessel that is portside for a long period of time. Coverage terminates as soon as the vessel leaves the port.

Wage Policy

Wage policy is one where there are no fixed terms of reimbursements mentioned. This is a policy held by a person who does not have an insurable interest in the insured subject. He simply bets or gambles with the underwriter. The policy is not enforced by law.

Floating Policy

The floating policy is also called the declaration policy . This policy is useful for the merchant who delivers cargo regularly. When a person ships goods regularly in a particular geographical area, he will have to purchase a marine policy every time. It involves a lot of time and formalities.

He purchases a policy for a lump sum amount without mentioning the value of goods and name of the ship, etc. it is the agreement between the insurer and insured that the insured declares a number of goods on the basis of shipment documents.

Named Policy

  This policy is issued by mentioning the name of the ship and the price of the cargo. The named policy has been receiving popularity in marine insurance.

Block Policy

It is the policy that takes the risk in the block that is from sea route and land route. It does not only protect from the risk of the marine route but also covers the risks that occurred on the land too. It is a very useful policy for landlocked countries.

Marine insurance policy is a necessity for both importers and exporters who deal in the domestic and international transfer of goods. Such a policy provides comprehensive cover for risks, from the time the shipment leaves the seller’s warehouse and reaches its destination, which is usually the buyer’s warehouse.

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Table of Contents

Voyage policies.

Voyage policies are a type of insurance policy in the marine industry. They provide coverage for risks associated with a particular sea voyage rather than for a specific time period. These policies usually cover losses or damages to the ship, cargo, terminals, and any transport wherein the property is transferred or acquired between points of origin and the final destination.

The phonetics for the keyword “Voyage Policies” is:Voyage: /ˈvɔɪ.ɪdʒ/Policies: /ˈpɑː.lɪ.siz/

Key Takeaways

Sure, here is the information you requested in HTML format:“`HTML

• Voyage Policies Cover Specific Journeys: Voyage policies are insurance policies written to cover specific journeys. They are usually used in maritime insurance to cover a ship for a single voyage, but can also be applied to other types of journeys.
• Features of a Voyage Policy: They offer coverage irrespective of the duration of the voyage. The policy provides coverage from the commencement of the voyage until its conclusion.
• Use in Trade and Cargo Delivery: Voyage policies are an essential part of global trade and are very important in the international shipment of goods. They provide financial protection in case of damage or loss of cargo.

“`This will result in the following content being displayed:1. Voyage Policies Cover Specific Journeys: Voyage policies are insurance policies written to cover specific journeys. They are usually used in maritime insurance to cover a ship for a single voyage, but can also be applied to other types of journeys.2. Features of a Voyage Policy: They offer coverage irrespective of the duration of the voyage. The policy provides coverage from the commencement of the voyage until its conclusion.3. Use in Trade and Cargo Delivery: Voyage policies are an essential part of global trade and are very important in the international shipment of goods. They provide financial protection in case of damage or loss of cargo.

Voyage policies are important in the realm of business and finance since they provide risk coverage for goods during transportation, especially in relation to shipping and marine industries. This type of insurance policy protects the interest of owners, buyers, and sellers in goods by covering losses or damages that may occur during a specific voyage. It is crucially important as cargo can be exposed to a range of risks while in transit, including natural disasters, accidents, theft, and damage. Therefore, having a voyage policy in place provides peace of mind and financial protection to companies involved in the transport of goods in the event of unexpected incidents. The importance also extends to promoting trade, as buyers or sellers may be more willing to engage in business if they know their goods are insured during transit.

Explanation

Voyage policies play a crucial role in international business transactions, where transporting goods, commodities, and other valuable items across seas, land, or air is often required. They are essentially a type of insurance policy designed to cover the risks associated with the transportation of goods from one place to another. A voyage policy gives assurance to the policy holder that should any unanticipated circumstances occur during the course of transit, resulting in damage, loss or destruction of the goods, their financial investment is safeguarded.The purpose of voyage policies is to promote trade and commerce by minimizing the risks inherent in transport. Businesses often encounter various risks such as piracy, adverse weather conditions, accidents, theft, or other unavoidable incidents that could jeopardize their goods during transit. By obtaining a voyage policy, companies can transfer these risks to an insurance provider, therefore providing financial security and enabling steady commercial operations. These policies not only protect assets during transportation, but they also strengthen a company’s financial resilience and sense of security.

Voyage policies are a type of marine insurance that covers a risk while the ship is making a particular voyage, irrespective of the time duration. 1. Cargo Shipping: A firm that deals with international trading may take out a voyage policy to protect their goods being shipped from Hong Kong to San Francisco. The voyage policy will cover any physical loss or damage to the cargo from any external cause during the voyage.2. Moving Homes: Individuals who are moving overseas may purchase a voyage policy to protect their possessions. For instance, moving from New York to London, a personal voyage policy can be taken out to insure personal effects, furniture, and other household items during the transit.3. Antique Shipping: An auction house that has sold a valuable painting to an international buyer may take out a voyage policy. For example, they would get a voyage policy to cover the transport of the painting from New York to a buyer in Paris. The policy would provide coverage for any loss or damage occurred during the voyage.

Frequently Asked Questions(FAQ)

Voyage Policies are a type of insurance policy primarily used within marine insurance. The policy provides coverage for a specific voyage, regardless of the time it takes to complete.

Typically, these policies are taken out by various parties involved in shipping goods by sea or other bodies of water. The list includes shipping companies, freight forwarders, or business owners and Merchants.

Usually, a Voyage Policy covers the loss or damage of a ship’s cargo which occurs during a specified voyage. It can be customizable to cover a range of adverse events, including storms, pirates, and other perils of the sea.

The policy is valid for a single voyage, which begins when the goods leave the warehouse or place of storage at the point of origin and ends when they arrive at the final destination.

No, each policy covers a single journey. For coverage of multiple trips, professionals usually take out Time Policies.

While traditionally associated with sea voyages, Voyage Policies can apply to voyages made over land (such as by truck or rail) or by air.

The premium depends on the type of cargo, the perceived risks of the voyage, the value of the goods, and the specifics of the journey (destination, route etc.).

Any deviation from the agreed-upon voyage can potentially void the policy, unless the insurer consents to the change.

Yes, while a Voyage Policy covers for risks during a particular voyage, a Time Policy provides coverage for a certain period, regardless of the number or nature of voyages undertaken during that time.

Related Finance Terms

• Marine Insurance: This insurance covers loss or damage of ships, cargo, terminals and any transport by which the property is transferred, acquired, or held between the points of origin and the final destination.
• Underwriting: This process used by insurers to determine the risk associated with an applicant, establish pricing, or deny coverage altogether.
• Insured Perils: They are the situations that a policy covers, such as fire, explosion, collision, and theft in the context of voyage policies.
• Deviation: It refers to the situation where the vessel strays from the course outlined in the policy, which may lead to the cancellation of the policy.
• Policy Warranties: These are the terms and conditions of the voyage policies which the policy holder is obligated to comply with.

Sources for More Information

• Investopedia
• IRMI (International Risk Management Institute)
• BusinessDictionary
• Entrepreneur

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What Is Travel Insurance?

Trip Insurance Explained

Lorraine Roberte is an insurance writer for The Balance. As a personal finance writer, her expertise includes money management and insurance-related topics. She has written hundreds of reviews of insurance products.

Meredith Mangan is a senior editor for The Balance, focusing on insurance product reviews. She brings to the job 15 years of experience in finance, media, and financial markets. Prior to her editing career, Meredith was a licensed financial advisor and a licensed insurance agent in accident and health, variable, and life contracts. Meredith also spent five years as the managing editor for Money Crashers.

Definition and Examples of Travel Insurance

How travel insurance works, what does travel insurance cover.

• The Best Time To Buy Travel Insurance

How Much Does Travel Insurance Cost?

Alternatives to travel insurance, do i need travel insurance.

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Travel insurance guards against certain travel-related financial losses resulting from circumstances such as trip cancellations or delays, lost luggage, and even medical expenses while traveling.

Travel insurance is a popular type of policy that reimburses you for travel-associated expenses due to unforeseen events such as canceled flights, tours, cruises, and theme-park bookings. It can also cover medical emergencies and delayed suitcases .

Travel insurance policies typically have named-perils coverage, meaning they cover only specific instances and losses under certain conditions named in the policy.

• Alternate name : Trip insurance

Typically, your plan provider reimburses you for a covered financial loss after a claim approval. That means you usually pay for expenses out of pocket first, then receive your money back later.

Say you purchase travel insurance for your family vacation to the Bahamas in August. Three days after you arrive, a hurricane hits the island. Everyone is okay, but everything shuts down on the island while you’re there because of widespread flooding and power outages. Travel insurance covering trip interruption can reimburse you for nonrefundable prepaid expenses you weren’t able to use, and change fees to move up your flight.

You can purchase a plan through insurers, travel agents, travel insurance providers, travel suppliers, and internet aggregators.

In prior years, there weren’t industry standards for travel insurance policies. But in 2016, concerns were raised about the lack of regulation. As a result, a travel insurance working group was appointed to address this. Two years later, the National Association of Insurance Commissioners (NAIC) adopted a model law, which covers market regulation, rate regulation, and enforcement.

Travel insurance typically bundles three types of coverage: trip cancellation, interruption, and delays; medical insurance and evacuation coverage; and 24-hour assistance in case of emergency.

Trip Cancellation, Interruptions, and Delays

• Illness, injury, or death
• Uninhabitability of your destination from flooding, fire, and other natural disasters
• Work-related reasons, such as involuntary job loss
• Acts of terrorism
• Other reasons like jury duty, extended school year due to weather, and more

Baggage Loss, Delays, and Personal Effects

• Lost, stolen, or damaged bags up to your plan limits, such as 75% of actual cash value
• Cost of personal items due to delayed baggage

Travel Medical Insurance

• Injury and illness medical expenses while traveling
• May act as primary or secondary insurance, depending on the policy

Primary insurance means that you don’t need to use your own medical insurance for covered losses. Secondary means it will only cover medical expenses that your health insurance plan doesn’t cover.

Medical Evacuation Insurance

• Medical evacuation to the nearest hospital

Cancel for Any Reason (CFAR)

• Coverage for trip cancellations for any reason, up to a specified time frame
• May give partial refund of 50% to 75% of total price

Assistance Services

• Help arranging medical treatment in an emergency
• Monitoring your care
• Help replacing lost passports
• Interpretation services
• Help arranging accommodations in an emergency

Travel insurance may not offer coverage for:

• Preexisting health conditions
• Civil and political unrest at the destination
• Extreme sports such as snowboarding and bungee jumping
• Pregnancy and childbirth
• Fear of traveling to countries
• Medical travel

Each type of travel protection provided under a travel insurance policy has its coverage limitations and exclusions. Read your policy’s terms carefully to ensure you have the kind of coverage and amounts you think you do. Also, search for any conditions of coverage, such as needing to obtain approval before receiving medical care. 

When Is the Best Time to Buy Travel Insurance?

Many plans allow you to purchase coverage up until the day before you leave. But like other insurance, travel insurance is designed to protect against unforeseeable circumstances. So the best time to buy it is before you need it.

You don’t have to purchase travel insurance as soon as you book your cruise, but if you wait to buy it until a named hurricane starts heading toward your destination, any related losses wouldn’t be covered.

Some travel insurance providers may also provide bonus coverage if you buy within a certain window, such as within 15 days of making your first trip deposit.

Travel insurance may cost between 4% and 10% of your total trip cost. Factors influencing your price include:

• Total trip spending
• Coverage amounts
• Coverage add-ons
• Number of people covered
• Your destination location
• Number of days traveling

Discounts aren’t allowed with travel insurance. Providers must file rates with each state, and they cannot offer discounts off the filed pricing.

Before purchasing travel insurance, check to see if you already have it through other means. Some credit cards include a travel protection benefit when you make travel purchases on the card. Your card may cover trip cancellation, medical coverage, and baggage and personal-effects loss. It can also offer things like rental car damage coverage and death benefits .

Another place to look is your home or renters insurance, which can provide coverage if your personal belongings are lost or stolen while traveling. Depending on your policy, you may receive the item’s actual cash value or replacement cost value, up to your policy’s limits. Some common items, such as sunglasses, may be excluded.

Even if you have coverage for your personal effects under your home or renters insurance, it’s not always worth filing a claim because your deductible may be close to or above the value of what was lost. Your home insurance could even be canceled if you make more than two claims within five years.

Trip insurance can be a good investment if you can’t afford the costs of the following:

• Losing your prepaid vacation expenses due to unforeseen events
• A return flight home if you need to shorten your trip because of an emergency
• Medical expenses while away from home if your health insurance plan doesn’t cover foreign emergency care
• Lost or delayed baggage and canceled or delayed flights, such as an extra night at a hotel or replacing clothes and personal hygiene items

Consider that you may already have many of the major protections offered by travel insurance through a credit card. Decide whether that’s enough coverage for you or whether supplementing with travel insurance gives you greater peace of mind.

The U.S. Department of State urges consumers to consider their medical insurance options before traveling abroad, such as travel health insurance and medical evacuation insurance. U.S. citizens overseas aren’t provided medical insurance by the U.S. government. Your current health insurance provider may not extend coverage overseas either.

Key Takeaways

• Travel insurance is usually a comprehensive policy that bundles three types of coverage: trip cancellation, interruption, and delays; medical insurance and evacuation coverage; and 24-hour assistance in case of emergency.
• You may already have a credit card providing many of the same protections covered by travel insurance. Your homeowners' or renters' insurance may also protect your personal belongings.
• Travel insurance is best for people who don’t already have travel protections through other means. It’s also a good option for those who can’t afford the travel-related financial losses arising from unforeseen events.

U.S. Travel Insurance Association. " Frequently Asked Questions ."

National Association of Insurance Commissioners. " Travel Insurance ." See "Status."

U.S. Travel Insurance Association. " Frequently Asked Questions ." See "What Will It Cost?"

Berkshire Hathaway Travel Protection. " What Is Travel Insurance All About? " Pages 15-18.

Ohio Department of Insurance. " Guide to Homeowners Insurance ." Page 12.

U.S. Department of State. " Insurance Providers for Overseas Coverage ."

What is Voyage Deviation in Marine Insurance?

In this article, we will explore what voyage deviation is and why it is important in marine insurance. We will discuss the various factors that can lead to deviation, the impact it can have on insurance coverage, and the steps that can be taken to minimize the risks. By the end of the article, readers will have a clear understanding of this important concept and how it can affect their marine insurance policies.

Understanding Voyage Deviation

Voyage deviation is a term used in marine insurance to describe a situation where the ship deviates from its original route or voyage plan. This deviation can occur due to various reasons, such as weather conditions, mechanical problems, or changes in cargo requirements.

When a ship deviates from its original route, it can have significant implications for insurance coverage. The marine insurance policy typically covers the ship and its cargo for a specific voyage, and any deviation from this voyage can result in the policy becoming void or limited. Most marine insurance policies include a warranty of seaworthiness, which requires the vessel to be in a seaworthy condition at the start of the voyage and to remain so throughout the journey. If the ship deviates from its planned course, it may be considered unseaworthy, and the insurer may deny coverage for any losses that occur as a result.

Therefore, it is important for shipowners to understand the implications of voyage deviation and to take steps to mitigate the risks associated with it. It is also essential to note that voyage deviation can also impact the ship's liability for any damages or losses that occur during the deviation. If the deviation is deemed to be unreasonable or unnecessary, the shipowner or operator may be held liable for any resulting damages or losses.

To avoid untoward situations, the ship owner or operator must inform the insurer of any planned deviation before it occurs. The insurer will then assess the risks associated with the deviation and may issue an endorsement to the policy to cover the additional risks.

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Types of Voyage Deviation

Marine insurance policies typically cover the insured vessel's voyage from one point to another, and any deviation from that voyage may affect the coverage. There are two types of voyage deviation, which are discussed below.

1. Inherent Deviation

The inherent deviation is a deviation caused by circumstances that are beyond the control of the shipowner or the master of the vessel. These circumstances may include adverse weather conditions, navigational hazards, or other unforeseen events that require the vessel to deviate from its intended course. The inherent deviation is typically covered by marine insurance policies, provided that the deviation was necessary and reasonable under the circumstances.

2. Voluntary Deviation

Voluntary deviation is a deviation caused by the shipowner or the master of the vessel, without any valid reason. For example, if the master decides to take a detour to visit a port that is not on the vessel's itinerary, this would be considered a voluntary deviation. Voluntary deviation is not covered by marine insurance policies, and the insurer may deny coverage for any losses that occur as a result of such a deviation.

It is important for shipowners and masters to understand the difference between inherent and voluntary deviation, and to ensure that any deviations from the vessel's intended course are necessary and reasonable under the circumstances. Failure to do so may result in a denial of coverage by the insurer.

Legal Aspects of Voyage Deviation

Voyage deviation is a common occurrence in marine insurance , and it is essential to understand its legal aspects. In this section, we will explore the legal implications of voyage deviation.

When a ship deviates from its intended course, it may impact the coverage provided by the marine insurance policy. The policy may cover the deviation, or it may not. If the policy does not cover the deviation, the shipowner may be liable for any losses incurred.

The legal implications of voyage deviation depend on several factors, including the reason for the deviation, the terms of the insurance policy, and the applicable laws and regulations. In general, voyage deviation is permissible if it is for the safety of the crew, the ship, or the cargo. However, if the deviation is for the benefit of the shipowner or the cargo owner, it may not be covered by the insurance policy.

If the deviation is covered by the policy, the shipowner may need to provide notice to the insurer and obtain permission before deviating from the intended course. Failure to do so may result in the policy not covering any losses incurred during the deviation. Furthermore, the shipowner may be required to pay additional premiums for the extended coverage provided by the policy during the deviation.

Voyage deviation can have significant legal implications for marine insurance. It is essential to understand the terms of the policy, the applicable laws and regulations, and the reason for the deviation to ensure that the shipowner is adequately covered and does not incur any liability.

Implications of Voyage Deviation in Marine Insurance

When a ship deviates from its intended voyage, it can have significant implications for marine insurance policies. One of the primary implications of deviation is that it can void certain clauses in the marine insurance policy. For example, if the policy includes a warranty that the ship will sail on a specific route, any deviation from that route could result in a breach of the warranty and void the policy.

Another implication is that deviation can increase the risk of loss or damage to the cargo. If the ship deviates into an area where there is a higher risk of piracy or other hazards, the cargo may be at greater risk. This increased risk could result in higher insurance premiums or a denial of coverage altogether. In addition, a deviation can impact the liability of the carrier. If the deviation causes damage to the cargo, the carrier may be held liable for the damage. However, if the deviation was necessary for the safety of the ship or cargo, the carrier may not be held liable.

Overall, shipowners and carriers need to understand the implications of deviation on their marine insurance policies. They should carefully review their policies and consult with their insurance providers to ensure that they are adequately covered and understand the risks involved.

How Insurers Handle Voyage Deviation

When a vessel deviates from its intended voyage, it can create significant risks and uncertainties for both the shipowner and the insurer. The insurer will need to assess the impact of the deviation on the risk profile of the vessel and determine whether any additional premiums are required to cover the increased risk.

In general, insurers will handle voyage deviation in one of two ways: either by allowing the deviation and adjusting the policy accordingly, or by requiring the shipowner to obtain permission before deviating from the intended voyage.

If the insurer allows the deviation, the policy will typically be adjusted to reflect the new voyage route and any additional risks that may be associated with it. The insurer may also require the shipowner to provide regular updates on the vessel's location and status to ensure that it remains within the agreed-upon limits. If the insurer requires permission before deviating from the intended voyage, the shipowner will need to obtain approval before making any changes to the vessel's route. The insurer may also require the shipowner to pay an additional premium to cover the increased risk associated with the deviation.

In either case, the shipowner and insurer will need to work closely together to ensure that the vessel remains adequately insured and that any risks associated with the deviation are properly managed. This may involve additional inspections, surveys, or other measures to ensure that the vessel remains seaworthy and fit for purpose.

Overall, voyage deviation can create significant challenges for both shipowners and insurers, but by working together and taking appropriate measures to manage the risks, it is possible to ensure that vessels remain safe and adequately insured throughout their voyages.

Preventing and Managing Voyage Deviation

To prevent voyage deviation, marine insurers recommend that shipowners and operators establish clear policies and procedures for managing deviations. These policies should include a clear definition of voyage deviation, as well as guidelines for how to respond to deviations when they occur.

One key strategy for preventing voyage deviation is to use advanced navigation technology and weather forecasting tools. By monitoring weather patterns and sea conditions in real-time, ship operators can make informed decisions about when to adjust course or slow down to avoid adverse conditions. In addition, shipowners and operators can take steps to minimize the risk of human error, such as providing crew members with training and resources to help them navigate safely and accurately. This may include providing access to up-to-date nautical charts, GPS systems, and other navigation tools.

If a deviation does occur, shipowners and operators need to take immediate action to manage the situation. This may include notifying the insurer and other relevant parties, such as port authorities and cargo owners, to ensure that the necessary steps are taken to minimize the impact of the deviation.

To manage the financial risks associated with voyage deviation, shipowners and operators may also consider purchasing voyage deviation endorsement coverage in marine insurance. This type of coverage can protect the insured from losses or damages that occur as a result of a deviation, including costs associated with rerouting the vessel, delays in delivery, and other related expenses.

Case Studies of Voyage Deviation

Voyage deviation is a significant concern for marine insurance companies. Here are some case studies that illustrate how voyage deviation can impact marine insurance:

Case Study 1: The Unplanned Stop

A cargo ship was traveling from China to the United States when it encountered severe weather conditions. The captain decided to make an unplanned stop in Japan to wait out the storm. Although the stop was necessary for the safety of the crew and cargo, it was considered a deviation from the original voyage plan. As a result, the ship's insurance policy was voided, and the shipowner had to pay for any damages or losses out of pocket.

Case Study 2: The Delayed Arrival

A container ship was scheduled to arrive at its destination port on a specific date. However, due to engine problems, the ship experienced a delay and arrived two weeks later than planned. The delay was considered a deviation from the original voyage plan, and the insurance company refused to cover any losses or damages that occurred during the extended voyage.

Case Study 3: The Unauthorized Route

A tanker ship was transporting oil from the Middle East to Europe when the captain decided to take an unauthorized route through a dangerous area. The ship was attacked by pirates, and the cargo was stolen. The insurance company refused to pay for the loss because the captain had deviated from the original voyage plan without authorization.

Voyage deviation is a crucial concept in marine insurance and plays a significant role in the protection of ships, carriers, and cargo. It refers to any intentional deviation from the originally planned route, and it must be carefully considered and disclosed to the insurer to ensure coverage remains in effect. Understanding voyage deviation is essential for both shipowners and cargo owners to navigate the complex waters of marine insurance and ensure their assets are adequately protected. By adhering to the terms and conditions of their insurance policies, maritime stakeholders can minimize the financial risks associated with unforeseen diversions and maintain the integrity of their marine operations.

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How to Better Understand Your Travel Insurance Policy 

COVID-19 changed the way many of us planned for travel. We’re all different types of travellers, comfortable with different levels of risk. But one thing we all have in common: our need to feel safe and protected is paramount. That’s why, more than ever, travel insurance is so important to consider, whether you’re travelling out-of-province , over the border or internationally.  

Reading your travel insurance policy before your departure will prevent you from making any assumptions about coverage or benefits, by knowing what you are and aren’t covered for. In this post, you’ll learn more about the various components of a travel insurance policy.   

Not sure how to choose the right coverage? Opt for the policy that suits you best by asking the right questions to your travel insurance broker or financial advisor .  

Before you buy travel insurance

Understanding your travel insurance policy starts with learning more about the type of coverage you have. Before you buy, identify the types of travel insurance that’ll best meet your needs and confirm the coverage limits to know the exact amount of protection you have. At this point, it’s also a good idea to compare coverage from your credit card or group insurance plan and determine if you have the coverage you need.  

Not all travel insurance plans are created equally. Policies can be customized based on individual needs, health, age, and activity preferences. Coverage also differs from one travel insurance provider to another. So, when you buy, it’s important to not only compare the price, but also how the plan will protect you in case of any travel mishaps. 

Being well-informed about your policy and the reasons why your travel insurance claim could be denied can help you avoid costly surprises, both during and after your trip. 

Tips to help you navigate your travel insurance policy 

To help you understand your travel insurance plan better, we’ve compiled a few guidelines to apply when reading your policy wording. Take the time to go through the policy; it can be overwhelming at first glance, but if you know what to look for, it can help you become more familiar with your coverage. Plus, if you need clarification, you can always pick up the phone and check in with your insurance professional or travel insurance provider’s customer service team.  

Here are some key components that you should look at:  

• Important Contact Information 
• Period of Coverage 
• Benefits 
• Covered Risks 
• Exclusions 
• Pre-existing Medical Conditions 
• Sports & Activities 

Important contact information  

If your travel insurance provider offers emergency medical assistance , keep a record of the contact numbers (along with the international access codes for your destination) listed in the policy document. In case of a travel medical emergency abroad, knowing how to contact your travel insurance company will help you notify them as soon as possible and get the right care and information during your time of need.  

TIP: If you’re a TuGo policyholder, you can also download the TuGo Wallet app on your smartphone for direct access to us, if you’re in a medical emergency. Download for iOS or Android. 

Period of coverage

Depending on the travel insurance coverage you choose, the period of coverage helps you clarify when your coverage kicks in, and when it expires.  

For example, your Multi Trip Annual Travel Within Canada plan might cover you for a maximum of 35 consecutive days per trip, with coverage starting on the date of each departure from your home province and ending each time you return back to your home province or on the expiry date of the policy (whichever occurs first).  

Coverage Benefits

To learn more about the benefits of your Emergency Medical policy , evaluate the eligible medical and related expenses that the company will cover and how you’ll be reimbursed. Here are 2 key things to note: 

• Orient yourself with key definitions , such as what is a medical emergency and what isn’t ? What is the meaning of a medical treatment? How does the company define a pre-existing medical condition?  
• Benefit limits outline the maximum amount that you’ll be reimbursed. Confirm these limits for different emergency medical benefits such as hospital allowance, fracture treatment, dental services, childcare, return of pets & return of vehicle.  

Check out these related articles and/or FAQs to help you better understand your Emergency Medical coverage: 

• Who handles the hospital billing when a medical emergency happens abroad?  
• Will the travel insurance provider reimburse my out-of-pocket expenses?  
• When and how does medical air evacuation happen?

For non-medical insurance policies like Baggage Insurance and Rental Car Protection , take note of the key terms and conditions . For instance, in case of lost, damaged, or delayed luggage, know exactly what is covered and the different requirements needed to help you open a claim smoothly . 

Covered Risks

In case your travel plans get delayed, cancelled, or interrupted, Trip Cancellation & Trip Interruption Insurance helps you get reimbursed for prepaid, non-refundable unused travel expenses if you have to cancel or interrupt all or part of your trip.  

Covered risks in your policy identify the valid reasons for cancelling or interrupting your trip that the insurance company will provide coverage for. For example, some of the reasons covered by TuGo are: 

• Medical reasons – i.e., a medical condition, death or quarantine of you, your travelling companion, or a family member. 
• When an official travel advisory has been issued by the Canadian government for the scheduled travel dates after the date the trip is booked or the insurance is purchased. The travel advisory must be in effect on the scheduled departure date or within the 7 days before. 
• The cancellation of a common carrier (e.g., your flight) for any reason other than bankruptcy, insolvency, or quarantine.  
• Natural disasters or unforeseeable events which render your or your travelling companion’s principle residence uninhabitable or place of business inoperative. 
• Subpoenaed for Jury duty or court appearance during your period of travel. 
• The non-issuance of you or your travel companion’s travel or student visa for reasons beyond your control. 
• Loss of Permanent employment provided you had been employed for more than one year. 
• A job transfer which results in the relocation of you or your travelling companion’s principal residence. 
• The cancellation of business meeting at your final destination. 

As you finalize your trip, learn more about your destination to better understand the kind of coverage you’ll need. Based on your research, you’ll be able to confirm if your policy will reimburse you in case you need to change your travel plans last minute, due to events beyond your control.  

Exclusions & Conditions

Most travellers are under the impression that once they buy travel insurance, they’ll be covered no matter what. Like any type of insurance, there are some events and conditions that may simply not be covered by travel insurance.  

Before you travel, arm yourself with knowledge on these general exclusions or conditions applicable to all plans that could impact your coverage: 

• A medical condition that is the result of you not following treatment as prescribed to you by your doctor, including prescribed or over the counter medication. 
• The consumption or use of illegal or controlled drugs  
• Participating in an activity or sport not covered by your policy   
• Your commission or attempted commission of a criminal offence or illegal act based on the law where the cause of the claim occurred. 

Pre-existing Medical Conditions

Depending on the plan you purchase, your policy may/may not provide coverage for medical conditions and/or symptoms that existed before your trip. Check your policy to see how it defines “pre-existing medical condition” and “stable/stability” . You’ll also want to review how unstable pre-existing medical conditions can impact claims . 

Adventure Sports & High-risk Activities

Among all the areas covered by travel insurance, this is one of the areas where providers can differ the most. Before you plan any adventurous sports or activities, make sure they’re covered by your policy. Look for plans where your intended activity is specifically mentioned and whether it’ll cover you if you’re participating as a professional athlete or a coach. Study the policy’s exclusion list carefully to ensure that you’re better prepared when participating in these activities.  

Not all travel insurance providers cover adventure sports and activities, but we do! TuGo’s Emergency Medical Insurance covers you for activities like hiking, ziplining, bungee jumping or even parasailing. Plus, for adrenaline seekers, our Sports & Activities Coverage goes beyond to cover sports and activities like scuba diving , backcountry skiing/snowboarding , downhill mountain biking , mountaineering and more.  

Just like any financial contract, time taken to understand your travel insurance policy always pays off in the long run—whether you’re a seasoned snowbird, a first-time backpacker, or a family on their annual vacation. If you have any questions about understanding your travel insurance policy, share them in the comments below. 

Safe travels, Melissa

Editor’s Note: This post was originally published in November 2020 and has been updated for freshness and/or accuracy.  

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6 things long-term care insurance covers that you may not have known about

By Joshua Rodriguez

Edited By Matt Richardson

April 23, 2024 / 11:58 AM EDT / CBS News

Long-term care insurance is an important product to consider as you plan for your retirement . With most older Americans needing extended care at some point in their golden years, this type of insurance can help ease the financial burden that care represents. And that burden often amounts to tens of thousands of dollars (or more) per year . 

Most people are probably already aware that long-term care insurance can cover the cost of assisted living communities and nursing homes . But that's not where the value of this type of insurance stops. In fact, long-term care insurance can cover a wide range of things that you may not have known about. 

Purchase a long-term care insurance policy now to take advantage of a wide range of coverage options . 

"The greatest benefit of long-term care insurance that many don't realize is flexibility," explains Jeff Beligotti, vice president and head of long-term care solutions at the insurance company, New York Life. "The flexibility and protection long-term care insurance provides can bring peace of mind and reduce the stress of an already stressful situation."

But how flexible is long-term care insurance? Here are six things this type of insurance covers that you may not know about: 

Informal caregivers

If you plan on aging at home with the support of your family and friends, your plan includes informal caregivers (caregivers who haven't likely been formally trained). While some long-term care insurance policies only cover formal caregivers (professional caregiving services), some policies also make it possible to pay your loved ones (and other informal caregivers) for your care . 

Find out how affordable long-term care insurance can be today . 

Home renovations

"Some long-term care policies will cover the cost of home modifications that can accommodate disabilities," explains Justin Stivers, financial advisor and founding attorney at the estate planning law firm, Stivers Law. 

For example, if you're unable to traverse stairs, your long-term care insurance policy may pay for the installation of a ramp that leads to your front door or a wheelchair lift that makes it possible for you to enjoy the second story of your home. 

Therapies not typically covered by health insurance

Long-term care insurance may also cover the cost of alternative therapy options that aren't typically covered as part of a health insurance policy. "This may include acupuncture, massage therapy and other holistic approaches," says Stivers.

Transportation services

If you need help getting back and forth to your doctor, therapist or other places of care, a long-term care insurance policy could help with the trip. "Long-term care may cover transport services that take you to and from," medical appointments and other destinations, Stivers says.

A death benefit

Long-term care insurance can provide benefits beyond your care. For example, some policies may come with a death benefit that's paid to your beneficiaries when you die. These policies, known as linked-benefit long-term care insurance policies, give you long-term care insurance coverage should you need it and a death benefit if you don't.

And, this isn't a one or the other concept. With some linked-benefit long-term care insurance policies, you may be able to use a portion of your benefit for care and leave a portion of your benefit behind as a death benefit for those you love when you die. 

Cash benefits

"Long-term care cash benefits policies can provide a monthly cash benefit that may be used for any purpose," says Stivers. "The flexibility allows policyholders to use funds for household expenses, travel, groceries, etc."

So, this cash benefit can make it possible for you to hire a landscaping company when you're not able to maintain your lawn anymore or hire a maid from time to time to help keep your house clean, or cover any of an unlimited number of potential expenses later in life. 

The bottom line

Long-term care insurance isn't just a product that can help you cover the cost of a nursing home or assisted living facility. There are several lesser-known benefits of long-term care insurance, too.

Some policies may cover the cost of informal caregivers like your family and friends, home renovations and therapies not typically covered by health insurance. You may also be able to use your policy to pay for transportation services or, if it's a cash-benefit policy, a wide range of other expenses. And, long-term care insurance can even come with a death benefit. 

However, it's important to remember that  not all long-term care insurance policies are identical . Some will have strict coverage requirements while others will be more flexible. So, it's important to make sure you understand what's covered as part of a specific long-term care insurance policy before you purchase it. 

Joshua Rodriguez is a personal finance and investing writer with a passion for his craft. When he's not working, he enjoys time with his wife, two kids, two dogs and two ducks.

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What the New Overtime Rule Means for Workers

One of the basic principles of the American workplace is that a hard day’s work deserves a fair day’s pay. Simply put, every worker’s time has value. A cornerstone of that promise is the  Fair Labor Standards Act ’s (FLSA) requirement that when most workers work more than 40 hours in a week, they get paid more. The  Department of Labor ’s new overtime regulation is restoring and extending this promise for millions more lower-paid salaried workers in the U.S.

Overtime protections have been a critical part of the FLSA since 1938 and were established to protect workers from exploitation and to benefit workers, their families and our communities. Strong overtime protections help build America’s middle class and ensure that workers are not overworked and underpaid.

Some workers are specifically exempt from the FLSA’s minimum wage and overtime protections, including bona fide executive, administrative or professional employees. This exemption, typically referred to as the “EAP” exemption, applies when: 

1. An employee is paid a salary,  

2. The salary is not less than a minimum salary threshold amount, and 

3. The employee primarily performs executive, administrative or professional duties.

While the department increased the minimum salary required for the EAP exemption from overtime pay every 5 to 9 years between 1938 and 1975, long periods between increases to the salary requirement after 1975 have caused an erosion of the real value of the salary threshold, lessening its effectiveness in helping to identify exempt EAP employees.

The department’s new overtime rule was developed based on almost 30 listening sessions across the country and the final rule was issued after reviewing over 33,000 written comments. We heard from a wide variety of members of the public who shared valuable insights to help us develop this Administration’s overtime rule, including from workers who told us: “I would love the opportunity to...be compensated for time worked beyond 40 hours, or alternately be given a raise,” and “I make around $40,000 a year and most week[s] work well over 40 hours (likely in the 45-50 range). This rule change would benefit me greatly and ensure that my time is paid for!” and “Please, I would love to be paid for the extra hours I work!”

The department’s final rule, which will go into effect on July 1, 2024, will increase the standard salary level that helps define and delimit which salaried workers are entitled to overtime pay protections under the FLSA. 

Starting July 1, most salaried workers who earn less than $844 per week will become eligible for overtime pay under the final rule. And on Jan. 1, 2025, most salaried workers who make less than $1,128 per week will become eligible for overtime pay. As these changes occur, job duties will continue to determine overtime exemption status for most salaried employees.

The rule will also increase the total annual compensation requirement for highly compensated employees (who are not entitled to overtime pay under the FLSA if certain requirements are met) from $107,432 per year to $132,964 per year on July 1, 2024, and then set it equal to $151,164 per year on Jan. 1, 2025.

Starting July 1, 2027, these earnings thresholds will be updated every three years so they keep pace with changes in worker salaries, ensuring that employers can adapt more easily because they’ll know when salary updates will happen and how they’ll be calculated.

The final rule will restore and extend the right to overtime pay to many salaried workers, including workers who historically were entitled to overtime pay under the FLSA because of their lower pay or the type of work they performed. 

We urge workers and employers to visit  our website to learn more about the final rule.

Jessica Looman is the administrator for the U.S. Department of Labor’s Wage and Hour Division. Follow the Wage and Hour Division on Twitter at  @WHD_DOL  and  LinkedIn .  Editor's note: This blog was edited to correct a typo (changing "administrator" to "administrative.")

• Wage and Hour Division (WHD)
• Fair Labor Standards Act
• overtime rule

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Travel Insurance For South Africa: Everything You Need To Know

Updated: Apr 30, 2024, 1:13pm

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Do I Need Travel Insurance for South Africa?

What does travel insurance for south africa cover, frequently asked questions (faqs).

Tourism is on the rise in South Africa according to the local government , with more than four million tourists visiting the nation in the first half of 2023 alone. Australians form a sizable chunk of those numbers, with an estimated 125,000 Australians touring the country each year pre-pandemic.

With travel still high on the agenda for many Australians, that figure is expected to rise in the coming years.

If you’re considering a trip to South Africa, you’ll want to purchase travel insurance. Our guide explains everything you need to know.

Fast Cover Travel Insurance

On Fast Cover’s Secure Website

Medical cover

Unlimited, 24/7 Emergency Assistance

Cancellations

Unlimited, (Trip Disruption $50,000)

Key Features

25-Day Cooling Off Period, Australian Based Call Centre, 4.6 Star Product Review Rating

Cover-More Travel Insurance

On Cover-more’s secure website

Unlimited, with a $2000 limit to dental

Yes, amount chosen by customer

Southern Cross Travel Insurance

Medical Cover

Including medical treatment, doctors’ visits, prescribed medication, specialist treatment & medical transport costs

$2,500 with option to increase to unlimited

Yes, Australians should purchase travel insurance for South Africa. While not a legal requirement to enter the country, it is highly recommended from the Australian government—especially for medical care.

The standard of medical facilities in South Africa can vary by region, but medical facilities are generally of a much lower standard than Australia. In fact, many regional hospitals only provide basic facilities, meaning you may have to be relocated in order to receive the right medical attention.

There is no shared healthcare agreement between Australia and South Africa, which makes travel insurance even more essential. If you need to be transferred by air evacuation to a major city in order to receive treatment, and you don’t have travel insurance, you’ll likely face a hefty bill out of your own pocket.

As Smartraveller advises all Australians, if you can’t afford travel insurance, you can’t afford to travel.

Vaccinations to Consider for Your Trip to South Africa

There is a high risk of certain diseases in South Africa, so it is worth making sure your vaccinations are up to date before you travel and taking any preventative measures with you, such as medications.

This can help reduce your chances of needing to seek medical attention.

There is a risk of Hepatitis A and B throughout South Africa, so vaccinations for Australian travellers are recommended. There is also a moderate risk for most travellers of typhoid, so a vaccination is also recommended if you are travelling to smaller cities, villages and rural areas.

Malaria is present throughout the country, so it could be a good idea to equip yourself with malaria tablets before you travel.

It is essential that you consult a medical practitioner regarding your need for vaccinations before you travel to South Africa, especially as some medical conditions can predispose travellers to certain infections.

When purchasing a travel insurance policy for South Africa, you will have the option to choose a basic policy or a comprehensive policy. A basic policy is cheaper , but may turn out to be more expensive in the long run if you aren’t covered for the things you need.

While a basic policy will usually cover medical needs, it may not provide cover for things such as lost luggage and cancellations (or, if it does, will provide it at a much lower claim level).

That’s why a comprehensive policy is highly recommended for travel to South Africa, as you will receive cover for stolen items, lost luggage, delays and more, in addition to medical and emergency dental care.

Smartraveller asks Australians to exercise a high degree of caution due to the threat of violent crime in South Africa, which includes robbery and carjacking.

The government website warns that opportunistic criminals will target travellers at the approaches to tourist-hotspot Kruger National Park, at well-known resorts, and on public transport.

Additionally, as ATM and credit card fraud are common crimes in South Africa, a comprehensive policy can be the more financially sound choice to give you peace of mind.

Going on a Safari?

South Africa is a popular tourist region for many reasons, including wildlife safaris. If you wish to partake in a safari or a game walk—walking with wild animals and a professional guide—you will need to ensure that these activities are covered in your policy’s list of included sports and activities.

If they are not, you will not receive cover for anything that occurs during the safari.

However, your policy may offer the option for you to choose an ‘adventure pack’ at an additional cost, which can include many activities that aren’t covered in the standard offering.

This can also include hiking or trekking to certain altitudes.

It’s important to consider which activities you may be participating in during your trip to South Africa in order to ensure you have the appropriate coverage, and purchase an additional add-on if necessary.

What Travel Insurance Won’t Cover

Your travel insurance policy won’t cover anything that is set out in its exclusions, as per the product disclosure statement (PDS). This could include certain sports and activities (such as a safari), or travel to certain regions in South Africa due to safety.

While each travel insurance policy differs on the fine-print, it is standard for most policies not to cover:

• Cancellations due to ‘disinclination to travel’, being if you change your mind about your holiday;
• Accidents or injuries that occur when not following the appropriate safety guidance or official guidelines;
• Intoxicated behaviour, including recreational drugs;
• Any illegal activity.

Be sure to carefully read the PDS of your policy so you know exactly what you can and cannot claim on your trip to South Africa.

Is it safe to travel to South Africa?

Smartraveller recommends that Australians exercise a high degree of caution when travelling to South Africa, due to the threat of violent crime. This includes armed robbery, mugging, carjacking, credit card theft, and more.

There is a higher risk of violent crime in major cities after dark, or during “rolling blackout” periods.

For these reasons (and more), Smartraveller urges Australians to take out a travel insurance policy before travelling to South Africa.

Do Australians need a visa for South Africa?

No, Australians do not need a visa for South Africa if they are visiting for tourism for stays of up to 90 days.

Where can I buy travel insurance for South Africa?

Most Australian travel insurance providers will cover Aussies wanting to head abroad to South Africa. When shopping around for a policy, you will be able to choose your destination when you request a quote. If there is no option to choose South Africa, this would be a clear indicator that the insurance provider does not provide policies to this region.

At the time of writing, a few of our top picks for comprehensive travel insurance cover South Africa, including Allianz and Cover-More .

Travel insurance providers can revoke the issuing of new policies to certain destinations at any time, especially if Smartraveller changes the alert warning for a country to ‘Do Not Travel’.

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Sophie Venz is an experienced editor and features reporter, and has previously worked in the small business and start-up reporting space. Previously the Associate Editor of SmartCompany, Sophie has worked closely with finance experts and columnists around Australia and internationally.