Marine Insurance

ID #1182

What is an Open Policy ?

When the insured has frequent and large number of despatches for incoming and outgoing of materials, it becomes difficult to go for individual despatch cover. Hence all the details and terms and conditions are agreed by the Insurance company and an open policy is issued wherein monthly declarations are agreed to be provided by the insured. The insurance premium is required to be paid in advance to cover all despatches.


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Last update: 2011-10-24 15:51
Revision: 1.0

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