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Period of Insurance

Question: What is meant by the 'Period of Insurance' in a cargo policy?

Answer: A cargo policy, also often known as a 'voyage' policy, does not have a fixed period of insurance specifying a start date and an end date that is usually found in other types of insurance policies. The 'period of insurance' starts at the point when the goods are delivered from a shipper's warehouse and ends at the point when the goods are delivered to a consignee's discharging port.

It is also important for either party to contact the insurer at once should any delay occur during the voyage, in order to ensure faster claims settlement and avoid unnecessary disputes.

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