Marine Open Policy

Marine open policy provides cover for several shipments and dispatches for 12 months as per the sum insured that is adjusted according to the value of each cargo in a reducing balance method.

₹10 Lakh cover at only ₹591/transit⁺

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Highlights of Marine Open Policy

Here are some of the highlights of an open marine insurance policy:

This marine insurance policy provides cover continuously to a regular importer/Exporter.
The buyer has to pay the premium amount in advance.
The sum insured should be 4 times the single carrying limit/bottom limit.
The open marine policy benefits the trader’s deals with regular domestic dispatches.
As per the policy terms, the insured must declare each shipment without any exceptions.
The premium amount and sum insured are adjusted as per the submission of each declaration.
The sum insured under the open marine policy can be increased 4 times a year.
In case of incorrect declarations or omissions, they still can be rectified even after the loss as well as arrival provided such errors or omissions were genuine.
The insurer refunds the premium on the unadjusted sum insured amount after the expiry of the policy.

Marine Open Policy Coverage

Marine open policy provides coverage for the following:

All risks as per ITC (A) & ICC (A)
Basic cover as per ITC (B) ICC (B) damage caused because of an accident of the conveyance & damage due to fire during the journey
The premium rate is decided as per the proposed terms of cover
The basic cover price will be lower than All Risk cover
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
Buyers can opt for additional storage cover before the delivery of cargo.

Marine Open Policy Does Not Cover

The open marine policy does not cover the following:

Nuclear weapons
Deliberate damages
Inherent vice
Ordinary leakage in case of liquid cargo
Improper packing
Ordinary wear & tear
Insolvency of carrier
Rats and vermin
Wilful misconduct of the assured
Lost or damaged by rats

FAQs

What is Marine Open Policy?

A marine open policy is an insurance plan that provides continuous protection for multiple shipments over a specified duration. Businesses that frequently ship goods benefit from this policy as it streamlines the process by covering all declared shipments under one set of terms.
What is the Difference Between Marine Open and Stop Policy?

Marine open policy is designed for businesses with regular shipments. It offers ongoing coverage for all declared consignments within a specific time frame. Marine stop policy, on the other hand, is suitable for businesses with occasional shipments. It covers one consignment or a single shipment only.
What is the Difference Between Open Policy and Closed Policy?

Marine open policy provides coverage for multiple shipments during a set period and offers flexibility for businesses engaged in frequent transportation. Closed policy, on the other hand, is focused on a specific shipment. It provides coverage for one consignment only, with all terms predetermined.
What is the Difference Between an Open Policy and a Blanket Policy in Marine Insurance?

Open policy requires the insured to declare each shipment individually, with coverage based on these declarations. Whereas a blanket policy offers automatic coverage for all shipments up to a certain limit, without needing separate declarations for each consignment, making it convenient for businesses handling large volumes.

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Learn more about Marine Insurance

Single Transit Policy

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Sales turn over Policy

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Transit Insurance

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Marine Insurance

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Cargo Insurance

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Marine Insurance Companies

IndusInd (Formerly Reliance)

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Disclaimer: Above mentioned insurers are arranged in alphabetical order. Policybazaar.com does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

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Disclaimers⁺
*Savings of 42% are based on the comparison between the highest and lowest premiums for a Rs 50 lakh sum insured under Inland Transit Clause B or Institute Cargo Clause B for single transit cover of auto spare parts with shipment type of Inland(Domestic) and road as mode of transport. Premium varies on the basis of Occupancy, Business Activity & Coverage Type
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The details of insurance coverage, inclusions and exclusions are subject to change as per solutions offered by insurance providers. The content has been curated based on the general practices in the industry. Policybazaar is not responsible for the factual correctness of these details.

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