Marine Insurance - Open Cover

Marine Insurance - Open Cover

Policy Details:

1) The open cover is a contract for 12 (twelve) months which gives the Insured continuous protection to cover large number of shipments / dispatches and the premium of which would be adjusted from the respective cash deposit account maintained by the Insured.

2) The open cover is not having any Sum Insured but issued with SCL / PBL along with Terms of Cover etc.

3) An open cover is not a policy and therefore not stamped.

Highlights :

1) Frequent dispatches / shipments can be covered instead of taking individual policy for each shipment especially for export or import.

2) Under an open cover Insured always maintains sufficient balance in cash deposit account which enable them to send the declaration for issuing policy / certificate even after a later date.

3) As per the terms of open cover, Insured is bound to declare each and every shipment coming within the scope of contract.

4) Insurer are also bound to accept the insurance of all shipments / dispatches made by the Assured during the period provided sufficient balance in the cash deposit account.

Covered :

All Risk as per ICC (A) / ITC (A) Basic Cover as per ICC (B) / ITC (B) - damage due to accident of carrying truck/conveyance & Fire during the course of journey. Rate of premium depends on the proposed Terms of Cover viz. Basic Cover would be cheaper than All Risks cover. The following risks are covered on paying additional premium.

1) War & SRCC (Import & Export)

2) SRCC (Inland Transit)

3) Theft, pilferage & Non-delivery (TPND) in case of Basic Cover only

4) Additional storage cover before delivery of cargo at the final destination.

Exclusions

Applicable to all policies.

1) Willful misconduct of the assured

2) Ordinary leakage in case of liquid cargo

3) Ordinary loss in weight

4) Ordinary wear & tear

5) Improper packing

6) Inherent vice

7) Insolvency of carrier