Open Policy is usually issued for export/import shipments. It is a continuous contract affected for a period of 12 months and renewable automatically, whereby the insurance company agrees to provide insurance cover to all shipments coming within the scope of the open policy. As and when shipments are declared, certificates are issued as evidence to the contract.
Scope of Cover:
Fire or explosion
Vessel or craft being stranded, grounded, sunk or capsized.
Overturning, derailment ( of land conveyance)
Collision
Discharge of cargo at port of distress
Jettison
General average sacrifice, salvage charges
Earthquake, lightning
Washing overboard
Entry of Sea, lake, river water
Total loss of package lost overboard or dropped in loading or unloading
War and SRCC is specifically covered, if required.
