Marine Open Cover

Marine open cover is a legal contract between the insurer and the insured. The tenure of the policy is 12 months and the insured stays protected during this period for a large number of shipments/dispatches and the premium amount is adjusted from the cash deposit account that the insurer maintains. In a marine open cover, the insured does not get a fixed sum insured amount however, the amount is decided with PBL/SCL along with the terms of cover. Open Cover is not a policy and that is why it is not stamped.

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Highlights of Marine Open Cover

Here are some of the highlights of this cover:

  • Marine open cover provides coverage for frequent shipments and dispatches instead of purchasing an individual policy for every shipment mainly for import and export.
  • Under open cover, the policyholder has to maintain a certain amount in the cash deposit account that enables them to send the declaration for issuing a certificate/policy even after a later date.
  • According to the terms of the marine open cover, the insured has to declare every shipment that comes within the scope of the contract.
  • The insurer is also bound to accept the marine insurance of all the dispatches and shipments made by the insured during the period by keeping enough amount in the cash deposit account.
Learn more about Marine Insurance

Marine Open Cover: Inclusions

Marine open cover provides coverage for the following:

  • The cover protects all risks, as per the ICC (A) or ITC (A) standards.
  • The cover includes protection against damage due to accidents or fire during the journey.
  • The premium rate will depend on the specific terms of cover chosen.
  • The basic cover is cheaper than the all risks cover, and it protects against specific risks only.
  • 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
  • Buyer can opt for additional storage cover before the delivery of cargo

Marine Open Cover: Exclusions

Marine open cover does not provide coverage for the following:

  • Insolvency of carrier
  • Wilful misconduct of the assured
  • Ordinary leakage in case of liquid cargo
  • Ordinary loss in weight
  • Improper packing
  • Inherent vice
  • Ordinary wear & tear

Marine Insurance Premium Calculator

Select Commodity

  • New machinery machine tools & spares in closed ISO containers
  • Solar panel
  • Machinery machine tools & spares duly packed/lashed
  • Electronic & white goods
  • New machinery machine tools & spares in closed ISO containers
  • Solar panel
  • Machinery machine tools & spares duly packed/lashed
  • Electronic & white goods
  • New machinery machine tools & spares in closed ISO containers
  • Solar panel
  • Machinery machine tools & spares duly packed/lashed
  • Electronic & white goods

Select Mode of Transport

  • Road
  • Air
  • Sea
  • Courier
  • Rail

Cover Amount Required

Enter value between 10 thousand to 10 crore

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Policybazaar for Business - Marine Insurance - Customer Reviews
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4.3/5
Based on 114 reviews
4.3
out of 5
Based on 114 reviews
14 users
87 users
13 users
0 users
0 users
3.8 April 20, 2023
Anas
Great Experience
I recently purchased Marine insurance from Policybazaar for my shipping business and I must say I am thoroughly impressed with their service and coverage. From start to finish, the experience has been smooth and hassle-free.Thankyou.
Mizoram
4.3 April 03, 2023
Vaishnav
Provides Comprehensive Protection
When it comes to coverage, Marine insurance that i bought from PolicyBazaar has exceeded my expectations. It provides comprehensive protection for my cargo and vessels during transit, ensuring I can focus on my business operations with peace of mind. Thankyou.
Assam
4.3 March 17, 2023
Umang
Excellent Services
I highly recommend Marine insurance from PolicyBazaar website to anyone in the shipping or logistics industry. Their user-friendly website, comprehensive coverage, and excellent customer service make them stand out from the competition. With Policybazaar, I feel confident in navigating the high seas, knowing that my business is well-protected. Thank you, Policybazaar.
Chennai
4.3 February 28, 2023
Vishal
User Friendly Interface
The website's user-friendly interface made it easy to compare different plans and find the perfect fit for my business needs.Thanks
Gurugram
4.3 February 11, 2023
Parth
Prompt Services
I appreciate the transparency and honesty with which Policybazaar handled my claims. They were prompt in processing my claim and their claim settlement process was hassle-free.Thanks PolicyBazaar.
Noida
3.8 February 10, 2023
Rishabh
Exceeds Expectations
I recently had the pleasure of purchsing marine insurance from Policy bazaar website and I must say it has been an outstnding experience from start to finish. I am thrilled to share my positive customer review, as this truly exceeded my expectations. Thanks PB.
Jamshedpur
3.8 January 31, 2023
Arvind
Easy Navigation
The ease of navigating the Policy bazaar website and finding the right marine insurance policy was impressive. The website's user-friendly interface and intuitive design made it incredibly simple to compare various options, understand the coverage details and make an informed decision. I appreciated the transparency provided throughout the process. Thanks.
Ajmer
3.8 January 21, 2023
Vishal
Excellent Support
The customer service provided by Policy bazaar was decent. Their team was responsive, knowledgeable and went above and beyond to assist me at every step. Their professionalism and commitment to customer satisfaction were truly commendable.Thankyou.
Mumbai
4.3 January 11, 2023
Sanjeev Rathor
Efficient Process
When it came to claims processing, Policy bazaar demonstrated remarkable eficiency and effectivenes. I had an unfortunate incident during the coverage period and filing a claim was a breeze. The entire process was streamlined and their team guided me throuugh every necssary step, making it hassle-free. The promptness with which my claim was setled reflected their commitment to their customers' well-being and peace of mind. Thankyou.
Pune
3.8 January 01, 2023
Kunal
Comprehensive Coverage
I must mention the comprehensive coverage provided by the marine insurance policy I purchasd through Policy bazaar. It offered me the necesary protection and peace of mind. Thankyou PolicyBazaar.
Indore