Open Marine Cargo Insurance Policy

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Open marine cargo insurance policy. Under the open policy individual successive shipments are periodically reported or declared to the insurer and reported shipments are automatically covered on or after the policy s inception date. Open policies are issued for a specific period usually one year and covers all the dispatches shipments made during the given period. The policy is open in so much as goods meeting the agreed. A type of marine insurance policy in which the insurer agrees to provide coverage for all cargo shipped during the policy period.

The marine specific policy insures cargo against risks involved in a specific voyage. This type of cover is for businesses which import or export goods on an ongoing basis. The insurance contract remains in force until cancelled. Our cookie policy can be found here.

Under the open marine insurance policy successive shipments are declared to the insurance company and they automatically get covered under the open marine insurance policy on or after the policy s inception date. Of the tata aig general insurance company limited address issued to notice please read your entire policy the policy and its conditions should be examined and if incorrect returned at once for alteration. Open marine cargo insurance policy. What is a marine cargo open policy.

Usually it is an annual cargo insurance policy which is issued for one sum insured to cover a number of dispatches. Open cover insurance is most commonly purchased by. Marine cargo insurance is a type of insurance policy that covers the loss or damages caused to marine cargo during the transit. A marine cargo open policy is the agreement between a merchant and an insurance company to insure all goods in transit falling within that agreement for an agreed period or even indefinitely until the agreement is cancelled by either party.

A type of insurance policy intended to cover an indefinite number of future individual shipments. Cargo insurance is the sub branch of marine insurance though marine insurance also includes onshore and offshore exposed property container terminals ports oil platforms pipelines hull. Marine insurance covers the loss or damage of ships cargo terminals and any transport by which the property is transferred acquired or held between the points of origin and the final destination. The protection is offered to the cargo owner along with the cover to the cargo for any loss or damage caused due to delay in the voyage ship accident or unloading.

The exact cost of your marine cargo policy is calculated by considering a number of factors such as the value of the goods to be imported or exported the type of goods where the goods are being shipped to the packing method or procedures used and whether there will be any transshipment involved. Marine cargo insurance protects your cargo in transit over land sea and air.