Voyage policies refer to the insurance coverage applicable to a voyage, trip, cargo, passenger transportation or similar situations. This coverage includes such areas as liabilities, losses, and expenses that may be incurred in such activities. In simpler terms, voyages policies provide coverage for ships, their cargo, and even their crews.

Voyage policies are most commonly utilized by commercial mariners, cruise businesses, shipping companies, freight forwarders, and anyone else who regularly participates in maritime activities. They are essential for protecting goods, goods-in-transit, and vessels from possible risks of loss, damage, or delay of delivery due to unexpected events, such as storms, piracy, or collisions.

A voyage policy works in much the same way as other forms of insurance, with three primary components – the insuring agreement, the terms and conditions, and the exclusions. The insuring agreement outlines the types of risk that are covered by the policy. This may include physical damage to goods, loss of goods due to theft or piracy, costs to reschedule a shipment, and liability coverage. The ‘terms and conditions’ of the policy define the scope of cover and any liabilities or responsibilities of both the policyholder and the insurer.

The 'exclusions' of a voyage policy are important, as they define the circumstances which are not covered by the policy. Such exclusions include the breakdown of the ship’s machinery, the negligence of the crew, or inadequate packaging of goods.

It is important for those engaged in maritime activities to understand the risks associated with their journeys. The best way to protect themselves from the risks posed is to purchase an appropriate voyage policy. This policy should be tailored to the unique requirements of the voyage and should include coverage for all the different elements of the journey. It is best to consult with a qualified insurance broker or adviser to assess the various risks involved and decide which policy will provide the most effective protection.