What does Open Policy mean? Read on to discover the definition & meaning of the term Open Policy - to help you better understand the language used in insurance policies.
Marine cargo insurance that provides blanket cover against loss or damage to all goods transported by a specific carrier, or by a specific shipper, during a stated period. Under its terms, the insured is required to periodically provide the insurer with the description, quantity, and value of goods shipped during that period. Also called open cover.
We hope the you have a better understanding of the meaning of Open Policy.