Multiple choice

Which of the following statements is true?

  1. Marine Cargo policies are valued policies
  2. Marine Hull policies are valued policies

  1. 1 is true

  2. 2 is true

  3. Both are false

  4. Both are true
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

A valued marine insurance policy is the opposite of an open marine insurance policy. In this type of policy, the value of the cargo and consignment is ascertained and is mentioned in the policy document beforehand, thus making the value of the reimbursements in case of any loss to the cargo and consignment clear. Both the statements are true. 

Keep practicing — related questions