Page 38 - Insurance Surveyors Book Ebook IC S01

Survey And Loss Assessment IC-S01

FLOATING OR OPEN POLICY

Floating policy is a policy which describes the insurance in general terms, and leaves

the name or names of the ship or ships and other particulars to be defined by

subsequent declaration. As per act the subsequent declaration or declarations may

be made by endorsement on the policy, or in other customary manner,

CERTIFICATE INSURANCE:

Certificate of insurance is issued under Open policy with full shipping particulars

furnished by the insured against each and every voyage. The Certificate of Insurance

is a stamped document. Open policy constitutes a principle agreement between the

policy issuing office and the assured. Each declaration made by the assured

constitutes a binding contract which is subsidiary to the principle contract i.e Open

policy.

OPEN COVER:

An open cover is issued for a particular period usually for one year whereby the

Insurer agrees to cover insurance of all shipments by Sea / Air from Any Port to Any

Port. Alike Open Policy, the insured is bound to declare all shipments /dispatches

without any exception during the period of insurance. The open cover is an

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