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Marine Open Policy
Marine open policy provides cover for several shipments and dispatches for 12 months as per the sum insured that is adjusted according to the value of each cargo in a reducing balance method.
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)Â
- 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 viceÂ
- Ordinary leakage in case of liquid cargoÂ
- Improper packingÂ
- Ordinary wear & tearÂ
- Insolvency of carrierÂ
- Rats and verminÂ
- Wilful misconduct of the assuredÂ
- Lost or damaged by rats
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Disclaimer: Above mentioned insurers are arranged in alphabetical order. Policybazaar.com does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.
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