Open Marine Insurance Policy

An Open Marine Insurance Policy, commonly used by businesses with regular shipments, provides a structured way to insure multiple cargo movements during an agreed policy period instead of arranging a completely separate policy for every shipment. It can be particularly useful for Indian exporters, importers, manufacturers, traders and logistics businesses that regularly transport goods by sea, road, rail, air or multimodal routes. The exact coverage, declaration requirements, limits and conditions depend on the policy wording and insurer's underwriting terms. An open policy may cover eligible shipments moving from specified origins to destinations, subject to the agreed terms, insured values, geographical limits, applicable clauses and exclusions.

For businesses making frequent shipments, an Open Marine Insurance Policy can simplify the administration of cargo insurance by providing an agreed framework for declaring individual consignments. Depending on the policy structure, businesses may need to provide shipment details such as the invoice value, cargo description, mode of transport, origin, destination, Bill of Lading or transport document and other required information. Coverage can be considered for a wide range of cargo including ceramic tiles, feldspar, quartz, minerals, chemicals, pharmaceuticals, textiles, machinery, engineering goods, electrical products, auto components, raw materials, finished goods and other commercial cargo. Additional insurance requirements such as ICC A, ICC B, ICC C, War Risk, SRCC, Inland Transit, Project Cargo and other applicable extensions can be evaluated according to the nature and risk profile of the shipment.