Marine Open Policy
A
Marine Open Cover is a permanent facility that allows
you to automatically insure every shipment within pre-defined
parameters.
The Open Cover document sets out clearly a number of important
factors: |
|
|
-
Names of insured
-
Types of goods to be covered
- Routes to be covered
- Basis of valuation of goods to be insured,
e.g. FOB + 15%,
C&F + 10%
- Maximum value per shipment
- Premium rates
- All terms and conditions of insurance contract
|
These
are all agreed between you and the insurance company, and the
aim is to ensure that the Open Cover covers the vast majority
of your marine insurance needs. Every shipment you then make
or receive, as long as it is covered by the Open Cover, is automatically
insured. Whenever there is a shipment to be insured under the
Open Cover, all you need to do is declare it to your insurer
or broker, who will issue an insurance certificate. Whilst the
cover is automatically enforced, a premium is charged on the
basis of the value of each actual shipment.
Both
yourselves and the insurance company agree that all shipments
made or received that fall within the defined parameters of
the Open Cover will be insured under the Open Cover. In other
words, your insurer cannot refuse to insure any shipment and
you are obliged to declare every shipment to the insurer.
An
Open Cover should cater for most of your marine insurance
needs. If, however, there are occasionally shipments that
do not fall under the Open Cover, for example they are larger
than the limit set down in the document, then these can be
easily dealt with on an ad hoc basis with your insurer.
For more information, please
contact: Khun Wasana Sombuthom
Tel. 01-825-7528 E-mail Wasana@aprc-consultants.com
|
Inland
Transit & Marine
Cargo Insurance
