Legal Definitions - voyage policy

A voyage policy is a type of insurance policy that covers a ship or its cargo during a specific journey. It is a contract between the insurer and the insured, which details the terms of the coverage. Other types of insurance policies include accident policies, which cover bodily injuries resulting from accidents, and homeowner's policies, which cover various risks such as fire, water damage, and burglary. Insurance premiums are the payments made by the insured to the insurer for the coverage provided. Insurance rating is the process by which the insurer determines the premium for a particular risk. Insurance Services Office is a nonprofit organization that provides analytical and decision-support services to the insurance industry, including statistical data and model insurance policy forms.