Open Cover Cargo Insurance
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- An open cover is not an insurance policy. It is actually an agreement between the insured and the insurance company to insure all the shipments which fall within the terms and conditions agreed by both parties.
- These terms and conditions which are agreed in advance include details of voyages, maximum value of cargoes carried in any one shipment, nature of cargo and packaging and rates applicable. The insured would
- These terms and conditions which are agreed in advance include details of voyages, maximum value of cargoes carried in any one shipment, nature of cargo and packaging and rates applicable. The insured would
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Overseas Express
Hyderabad, Telangana
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Product Description
- An open cover is not an insurance policy. It is actually an agreement between the insured and the insurance company to insure all the shipments which fall within the terms and conditions agreed by both parties.
- These terms and conditions which are agreed in advance include details of voyages, maximum value of cargoes carried in any one shipment, nature of cargo and packaging and rates applicable. The insured would then have to declare his shipments to the insurer on an individual or monthly basis.
- As long as the details of the shipment come within the terms and conditions of the open cover agreement, the shipment is automatically covered.
- The insurer is also obliged to accept all declarations made by the insured under the open policy if they come under the terms and conditions of the open cover.
- The open cover is especially beneficial to those who ship goods frequently as it saves them the need to apply for cargo insurance for each of their shipments.
- There would also be no need to wait for these individual policies to be approved because, as mentioned, all shipments are automatically approved if they come within the terms of the open cover and a declaration is made for the shipment.
- If I buy on terms of sale where I am not responsible to insure the goods, how can I insure the goods?
- If you are the buyer and are importing goods from overseas on terms of sales such as C.I.F. (Invoice Cost, Insurance plus Freight), where you are not required to insure the goods, you may still have a "contingent" exposure that you could cover if the seller placed coverage that was "limited" and not offering the broad terms available in the insurance marketplace in your country.
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Kishan
310 Sai Datta Complex RTC Cross Road
Hyderabad - 500044, Telangana, India
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