Marine Open Cover

Marine open cover is a legal contract between the insurer and the insured. The tenure of the policy is 12 months and the insured stays protected during this period for a large number of shipments/dispatches and the premium amount is adjusted from the cash deposit account that the insurer maintains. In a marine open cover, the insured does not get a fixed sum insured amount however, the amount is decided with PBL/SCL along with the terms of cover. Open Cover is not a policy and that is why it is not stamped.