OPEN Insurance Policy
"OPEN Insurance Policy:
Embracing Security and Possibilities."
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For OPEN Insurance Policy
- Sample Headings
About Op- Open Insuranc
- What is OP? (Click on Every points should be get breif explanation as below mentioned Contents)
- Basic Coverages.
- Add On Coverages.
- Claim Process Support.
- Free Consultation for the PLI Product.
What is Open Insurance Policy?
An open insurance policy in marine cargo insurance is a type of policy that provides coverage for multiple shipments or consignments over a specified period, rather than a single shipment. This type of policy is useful for businesses that frequently ship goods, as it streamlines the insurance process and often reduces administrative overhead. Under an open policy, the insurer agrees to cover all shipments made by the insured within the policy period, typically subject to certain limits and conditions specified in the policy.
Basic Coverages
The open cover is a contract for 12 (twelve) months which gives the Insured continuous protection to cover large number of shipments / despatches and the premium of which would be adjusted from the respective cash deposit account maintained by the Insured.
Add-on Coverages
- War Risks: Covers losses due to war, including acts of war, civil war, and terrorism, which are typically excluded under standard policies.
- Strikes, Riots, and Civil Commotions: Provides coverage for losses resulting from strikes, riots, or civil disturbances.
- Contingency Coverage: Protects against certain risks that might not be covered under the standard policy, such as the risk of damage during loading or unloading.
- Extended Coverage for Specific Goods: Tailors coverage for high-value or sensitive goods that require additional protection, such as electronics or perishables.
- Theft or Pilferage: Adds coverage for losses due to theft or pilferage, which might not be fully covered under basic policies.
- Delay in Delivery: Provides compensation for financial losses resulting from delays in the delivery of cargo.
- Reconsignment and Additional Expenses: Covers costs related to reconsigning cargo or other additional expenses incurred due to unforeseen circumstances.