What is an open policy?

Open policy is a form of an insurance contract that is used to cover all types of consignments carried out by the insured party. The client is sometimes referred to as coverage , the client for any situation stated in the terms of the insurance agreement, if these shipments were properly announced by the company that subscribes this policy. Although it is somewhat expensive, the protection provided by an open policy may often be necessary when the goods are sent between countries, and in some cases it is necessary to comply with the regulations established by jurisdictions where the sender is undertaken.

With open policy, it is important that the insured party specifies the mode of dispatch, as well as the location where shipments will be held. This helps the insurance provider to determine the area of ​​geographical trade to which it will apply to policy conditions, as well as the ways of transport that must be addressed. Many businesses that normally supply goods through various means, including excessive land,Air transport or water transport attempts to ensure a policy that has the widest coverage, although they do not regularly use all different ways of transport.

In some countries, exports cannot leave the port until a document known as a maritime insurance certificate is completed and has submitted to the right government bodies. Part of the provision of this document includes the submission of evidence of insurance coverage for the goods sent from the country. In the case of this, open coverage of policy with the provider, which the authorities recognizes and accepts, can help minimize chances of delay, which in turn helps the goods in time.

As with any type of insurance coverage, open policy is considered to be valid only if the insured party is current with payment payments. If the client is at the premium, some insurance companies allow for the cancellation of P -coverageLatite outstanding premiums, usually between ten and thirty days, pay outstanding premiums. Different providers have different solutions if the client claims during this delay and before bringing premiums. These solutions are often based on regulations in the country of origin, which must be met in order to be a privilege to sell insurance in this area.