Marine Open Policy

Highlights of Marine Open Policy

Here are some of the highlights of an open marine insurance policy:

• This marine insurance policy provides cover continuously to a regular importer/Exporter.
• The buyer has to pay the premium amount in advance.
• The sum insured should be 4 times the single carrying limit/bottom limit.
• The open marine policy benefits the trader’s deals with regular domestic dispatches.
• As per the policy terms, the insured must declare each shipment without any exceptions.
• The premium amount and sum insured are adjusted as per the submission of each declaration.
• The sum insured under the open marine policy can be increased 4 times a year.
• In case of incorrect declarations or omissions, they still can be rectified even after the loss as well as arrival provided such errors or omissions were genuine.
• The insurer refunds the premium on the unadjusted sum insured amount after the expiry of the policy.

Marine Open Policy Coverage

Marine open policy provides coverage for the following:

• All risks as per ITC (A) & ICC (A) 
• Basic cover as per ITC (B) ICC (B) damage caused because of an accident of the conveyance & damage due to fire during the journey
• The premium rate is decided as per the proposed terms of cover
• The basic cover price will be lower than All Risk cover
• War & SRCC (Strikes, Riots, & Civil Commotion in Import and Export)
• SRCC for inland transit is covered
• Theft, Pilferage & Non-delivery (TNPD) in basic cover only
• Buyers can opt for additional storage cover before the delivery of cargo.

Marine Open Policy Does Not Cover

The open marine policy does not cover the following:

• Nuclear weapons
• Deliberate damages
• Inherent vice 
• Ordinary leakage in case of liquid cargo 
• Improper packing 
• Ordinary wear & tear 
• Insolvency of carrier 
• Rats and vermin 
• Wilful misconduct of the assured 
• Lost or damaged by rats

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