(a)Hull policy-This covers loss or damage to ship, tankers, bulk carriers and smaller vessels arising from the perils of the sea, rivers, lake or other navigable water caused by fire, collusion, explosion and sinking.
(b)Cargo policy-Cargo policy in marine insurance is a cover effected to protect goods being transported from the country of origin to port of destination.
(c)Freight policy-This is a policy that covers the cost of transporting a cargo from port of origin to port of destination arising from loss of or damage to the cargo due to perils of the sea.
(d)marine perils-Marine Perils means the perils consequent on”, or incidental to the navigation of the sea, that is to say, perils of the seas, fire, war perils (enemies), pirates, rovers, thieves, captures, seizures, restraints and detainment of princes and peoples, jettisons, barratry and other perils, either of the like kind or which may be designated by the policy.
(e)average- is the situation in which the insured has under-insured, i.e., insured an item for less than it is worth. Average will apply to reduce the claim amount payable. An average adjuster is a marine claims specialist responsible for adjusting and providing the general average statement. An Average Adjuster in North America is a 'member of the association of Average Adjusters' To insure the fairness of the adjustment a General Average adjuster is appointed by the shipowner and paid by the insurer.