Page 38 - Ebook IC S01
P. 38
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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