Open Marine Cargo Insurance Policy

Open Marine Cargo Insurance Policy in International Trade

Meaning of Open Marine Cargo Insurance Policy, according to the Dictionary of International Trade (Global Negotiator): A type of insurance policy intended to cover an indefinite number of future individual shipments. The insurance contract remains in force until cancelled. Under the open policy, individual successive shipments are periodically reported or declared to the insurer and reported shipments are automatically covered on or after the policy's inception date. Open policies can provide efficiency and savings for all parties concerned, especially when the insured conducts a significant volume of highly similar transactions.