Marine Cargo Open Policy Handbook

A marine cargo open policy is an agreement between a merchant and an insurance company to insure all goods in transit within the agreement for an indefinite period, until either party cancels the agreement.

The policy specifies:

The general description of the goods
The countries or places to or from which the goods will be insured
The maximum value payable under the policy
How the goods will be valued
The conditions of insurance.
The merchant agrees to declare details of all shipments that fall within the scope of the policy, and the insurance company agrees to insure such shipments according to the terms and conditions of the policy.

For information on marine cargo open policies download the Insurance Council publication:

Download the marine cargo open policy handbook (PDF 1.3MB).

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