open policy definition

open policy

Marine cargo insurance that provides blanket cover against loss or damage to all goods transported by a specific carrier, or by a specific shipper, during a stated period. Under its terms, the insured is required to periodically provide the insurer with the description, quantity, and value of goods shipped during that period. Also called open cover.

open policy is in the General, Marine, & Life Insurance and Shipping, Transport, & Travel subjects.

open policy appears in the definition of the following term: open cover

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