What is Annual Open Policy and Who Should Purchase It?

The Annual Open Policy within marine insurance provides ongoing and all-encompassing coverage for cargo across numerous shipments throughout the year. This policy proves to be a practical and economically efficient option for companies involved in consistent shipping activities. It extends protection to goods across multiple voyages within the designated one-year timeframe, distinguishing itself from Single Transit Insurance, which exclusively applies to individual journeys.

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How Does an Annual Open Insurance Work?

An Annual Open insurance operates on a subscription-like model. The policyholder pays an annual premium based on the selected coverage areas and the estimated level of risk exposure. This premium covers all the specified risks and coverage types under the policy. Throughout the year, the policyholder can adjust their coverage levels as their needs change, adding or removing coverage areas as required as well as up to the sum insured opted at the time of purchasing the policy.


Claims under an Annual Open insurance are processed based on the terms and conditions outlined in the policy document. Each coverage area will have its own set of terms, limits, deductibles, and exclusions. It is crucial for policyholders to thoroughly understand the terms of their policy to ensure they are adequately protected.

Who Should Purchase an Annual Open Insurance?

An Annual Open insurance is well-suited for individuals and businesses with diverse risk profiles and multiple areas of exposure. Here are some examples of who might benefit from such a policy.

  • Small and Medium-sized Enterprises (SMEs)


    SMEs often have a variety of risks to address, from property protection to liability coverage. An Annual Open insurance can streamline insurance management for these businesses

  • Growth-Oriented Businesses


    Businesses that anticipate expansion or changes in their operations can find value in the flexibility of Annual Open insurance. It can adapt to their evolving needs

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  1. New machinery or equipment for industrial use
  2. Iron & steel rods, metal pipes, tubes
  3. Electronic and white goods
  4. All types of FMCG commodities
  5. All kinds of food like oils essence flavours and other various packed items
  6. Automobiles
  7. New machinery machine tools and spares in closed ISO containers
  8. Solar panel
  9. Machinery machine tools spares duly packed/lashed
  10. Stationery items
  11. Timber and wood products
  12. Edible oil in tanker
  13. Aggregators/Transporters
  14. All types of containers
  15. All types of paints duly packed
  16. Auto spare parts
  17. Ceramic products and tiles
  18. Edible vegetables or fruits and nuts or peel of citrus fruits
  19. Granite and marble
  20. Metal hand tools
  21. Metal scrap in ISO container
  22. Metals of all types excluding precious metals
  23. Non hazardous chemicals in bags
  24. Pharmaceuticals and bulk drugs
  25. Rough marble in blocks
  26. Toys, games and sports equipment
  27. Used CPM machines and equipments
  28. Used machinery machine tools and spares in closed ISO container
  29. Agri commodities (Wheat/ Grains/ Seeds/ Rice/ Spices/ Pulses)
  30. Fragile items (Glass/lens)
  31. Garments,apparel,fabrics or textiles
  32. Cables and wires
  33. Household items-new and old
  34. Leather and leather goods
  35. Metal handicrafts and brasswares
  36. Milk and ghee packaged or in tankers
  37. New CPM equipment
  38. Plastics and articles thereof
  39. Rubber and articles thereof
  40. Soap, cosmetics, toiletries
  41. Wooden Furniture/Steel/Plastic/Aluminium
  42. Dry Fruits (Almonds, Cashew, etc)
  43. Paper & packaging materials
  44. Liquid chemicals/Paints/Dyes/Intermediates
  45. Processed food/edible items
  46. Natural or raw rubber in sheets, blocks, crepe or crumb form
  47. Cotton including raw cotton
  48. Jute & Coir Products
  49. Medical/Bio-Medical equipments and other such precision equipments
  50. Carpet
  51. Spices (turmeric, pepper, cardamom, coffee, tea, etc )
  52. Fertilizer
  53. Cement in bags
  54. Batteries
  55. Cast iron products (cookware sets, bakeware, etc)

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Conclusion


An Annual Open insurance offers a modern and flexible approach to insurance. This allows the policyholders to manage a wide array of risks within a single contract. It is best suited for those with diverse risk exposure and multiple insurance needs. By consolidating various coverage types under one policy, individuals and businesses can streamline their insurance management and enjoy greater convenience.

Learn more about Marine Insurance
Annual open Policy
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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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Hull Insurance
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    *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
    By clicking on "View Plans" you agree to receive assistance and agree to our Privacy Policy and Terms Of Use and also provide us a formal mandate to represent you to the insurer and communicate to you the grant of a cover.
    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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