Glossary
Open Policy
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An insurance policy providing coverage for a specified period of time, rather than for a specific shipment or voyage.
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What is an Open Policy?
An Open Policy is a type of marine insurance policy that is designed to provide coverage for all of the insured’s shipments within a specified period, usually one year. The policy provides broad coverage for goods in transit, including coverage for losses or damages caused by accidents, theft, and natural disasters.
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