The premium of a marine insurance policy depends on the following factors:
The nature and value of the goods that are being transported
Applicable freight incurred for transportation
Any inherent risk in the goods
The route being taken for the voyage
The sort of vessel that is being used for transportation and its construction
The destination of the goods
Political risks, riots, commotion or unrest which might impact the delivery of goods
Natural calamities that may occur – Floods, high tides, etc.
The premium of marine insurance varies on a case to case basis and it is not universal.