What is a Marine Open Policy?

A Marine Cargo Open Policy is the agreement between a merchant and their insurance company to insure all goods in transit within that agreement for an indefinite period, until the agreement is cancelled by either party.

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 falling within the scope of the policy (either monthly, quarterly or annually) and the insurance company agrees to insure such shipments according to the terms and conditions of the policy.

Source: Insurance Council of New Zealand - Marine Cargo Open Policy Handbook.

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