Specific Voyage policy :
This is a policy in which the subject matter is insured for a particular voyage irrespective of the time involved in it.
In this case the risk is initiated only when the ship starts on the voyage. This policy is valid for a single voyage or transit. The policy will be issued before the voyage starts. The coverage will cease immediately on completion of the voyage.
The specific voyage policy must show complete details of the risk. It should contain particulars of conveyance/Vessel name/ Way bill or Bill of Lading* the date and sum insured terms and conditions of cover voyage cargo description etc like all other marine policies.
A waybill or Bill of Lading is a document issued by a carrier giving details and instructions relating to the shipment of a consignment of goods. It serves as evidence that the goods were actually shipped. It also gives the particulars of the cargo.
