Annual adjustable versus Declaration
Vero Marine writes marine Open Covers which may be either annually adjustable or declaration policies and are renewed or reviewed annually, depending on the type of cover.
The review takes into account individual claims experience, the experience of that particular trade industry and the insurer’s catastrophe reinsurance costs.
Declaration Covers are policies that require a considerable amount of administration by clients. Clients agree to declare details of all shipments falling within the scope of the policy, and the insurer agrees to insure all shipments according to the terms and conditions of the policy.
Declaration Covers were the standard format until relatively recently. Annually adjustable policies (with minimum & deposit premiums) allow clients to simply declare an annual turnover amount, and issue their own documentation without many of the fears of the consequence of timing or mistakes.
“Simply Cargo” - is Vero Marine's comprehensive "all risks" annual cargo wording with many additional specific covers.
Vero Marine sells its products through independent brokers. You can find a broker near you with the help of the Insurance Brokers Association website...
