Voyage Policy


Voyage Policy

A financial protection plan that provides coverage for goods in transit by sea. In order 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. This requirement exists because a voyage policy, like any insurance policy, is intended to protect against unforeseen risks, not against preventable risks. Voyage policies are important in the export business. A voyage policy may also be called "marine cargo insurance."

In addition to the seaworthiness exclusion described above, a voyage policy will also exclude losses caused by willful misconduct, ordinary leakage, ordinary wear and tear, improper or inadequate packaging, labor strikes and acts of war. Also, the policyholder may need to purchase additional insurance to cover the cargo during the entire transport process. Voyage policy may not cover a loss that occurs while the goods are being loaded onto the ship, for example.


Investment dictionary. . 2012.

Look at other dictionaries:

  • voyage policy — voy·age policy n: a marine insurance policy covering only a stated voyage Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 …   Law dictionary

  • voyage policy — A policy of marine insurance which establishes the duration of the risk by specifying the voyage, setting out the termini or places of beginning and termination, as from one port to another. 29A Am J Rev ed Ins § 324 …   Ballentine's law dictionary

  • voyage policy — noun : a marine insurance policy covering only a stated voyage …   Useful english dictionary

  • policy — The general principles by which a government is guided in its management of public affairs, or the legislature in its measures. A general term used to describe all contracts of insurance. See policy of insurance. This term, as applied to a law,… …   Black's law dictionary

  • voyage — In maritime law, the passing of a vessel by sea from one place, port, or country to another. The term is held to include the enterprise entered upon, and not merely the route. @ foreign voyage A voyage to some port or place within the territory… …   Black's law dictionary

  • policy of insurance — The parlance of the insurance business, the contract between the insured and the insurer. State ex rel. Sheets v Pittsburgh, Cincinnati, Chicago & St. Louis Ry. Co. 68 Ohio St 9, 67 NE 93. The formal document in which a contract of insurance… …   Ballentine's law dictionary

  • voyage — A long journey, particularly by ship or aircraft. The sailing of a vessel from one port or place to another port or place. The purpose for which the voyage is to be conducted, whether for trading, freightinig, or fishing, is often mentioned in… …   Ballentine's law dictionary

  • policy proof of interest — PPI An insurance policy (usually marine insurance) in which the insurers agree that they will not insist on the usual requirement that the insured must prove an insurable interest existed in the subject matter before a claim is paid. The… …   Big dictionary of business and management

  • mixed marine policy — A time and voyage policy wherein the voyage is designated by the policy, but the risk is limited to a specified time. 29 Am J Rev ed Ins § 324 …   Ballentine's law dictionary

  • Time policy — (Insurance) A policy limited to become void at a specified time; often contrasted with {voyage policy}. [Webster 1913 Suppl.] …   The Collaborative International Dictionary of English


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