voyage (specific) policy

(marine cargo insurance) An insurance policy that covers a specific shipment of goods on a one-time-only basis. This type of policy is appropriate for those shippers who make only a few shipments per year or are just starting out in the import/export business. The policy covers a single shipment (voyage), and a new policy must be taken out for each additional shipment. Voyage policies are also used by firms to cover a special or unusual shipment. See also open cover policy, contingency policy.

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