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.

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Covers transit losses, damages and risks
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Covers transit losses, damages and risks
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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
Written By: PolicyBazaar - Updated: 30 October 2023
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Policybazaar for Business - Marine Insurance - Customer Reviews
View all 114 reviews
View all
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
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